Deputy Finance Minister Datuk Lee Chee Leong said the volume of transactions in the residential, commercial, industrial and agriculture property segments declined 12% to 240,000 compared with the corresponding period last year.

He said in terms of value, the transactions decreased 16% to RM95.37 billion during the period under review from a year ago.

“Overall, the housing market has indeed softened since the Government introduced a slew of cooling measures to curb speculations and rein in the rapid rise in house prices,” he said when opening the International Real Estate Federation (FIABCI) Malaysia’s Premium Property Showcase 2016 in Petaling Jaya on Friday.

On residential property transactions, he said the National Property Information Centre (NAPIC) recorded nearly 152,000 residential transactions worth RM48.36 billion in the first 9 months of this year.

He said the volume and value of transactions declined 14% and 11%, respectively.

The drop cuts across areas such as Kuala Lumpur, Selangor, Johor and Penang, which shrank between 14% and 21%, he added.

On the price range, he said affordable house prices remained below RM500,000 and the sales accounted for about 80% of the total residential transactions.

“With housing loans for the civil to be increased to RM750,000, (unveiled in Budget 2017), I believe this would benefit both civil servants and housing developers,” he added.

The 5-day property showcase, which began on Wednesday, exhibits 53 property projects in the Klang Valley, Seremban, Penang, Genting and Johor.

Organised by the FIABCI Asia Pacific Regional Secretariat, it also features talks on property auctions, updates and development.


News Source: Bernama

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