Malaysia’s real estate sector is witnessing remarkable growth, with property transaction volume and value reaching their highest levels in a decade. This positive trend, highlighted in the National Property Information Centre (NAPIC) Property Market Report 2024, has been warmly received by the Real Estate and Housing Developers' Association (REHDA) Malaysia.
Encouraging Growth in the Property Sector
REHDA Malaysia expressed optimism following NAPIC’s latest report, which showcases strong market performance in 2023. According to REHDA president Datuk Ir Ho Hon Sang, the surge in property transactions can be attributed to Malaysia’s robust economic growth, increased loan approvals from financial institutions, and various homeownership incentives introduced by the government.
Government Support Key to Sustaining Momentum
Ho emphasized the importance of continued governmental support to maintain this positive trajectory. He urged policymakers to extend more incentives not just to homebuyers but also to industry stakeholders, including property developers. Additionally, he called for streamlined approval processes and the avoidance of unexpected taxes that could hinder market confidence.
Bright Prospects for 2024 and Beyond
According to feedback from REHDA member developers, market activity in 2024 has started on a confident and positive note. Ho expressed hope that this momentum will carry forward into 2025 and beyond, further strengthening Malaysia’s real estate sector.
As the market continues to thrive, industry players and homebuyers alike will be closely watching for further government initiatives that can sustain this growth and enhance accessibility to homeownership.