Malaysian property market records better performance in H1

Kuala Lumpur [Malaysia], September 15:Malaysia's property market has shown improvement in the first half of this year with more than 188,000 transactions worth 84.40 billion ringgit (18.64 billion U.S. dollars) recorded, the National Property Information Center said in a report on Wednesday.
The transactions showed an increase of more than 30 percent in volume and value compared to the same period last year, as all property sectors recorded year-on-year growth, the report said.
Residential property sector recorded 116,178 transactions worth 45.62 billion ringgit (10.08 billion U.S. dollars) in the period, increasing by 26.3 percent in volume and 32.2 percent in value year-on-year.
Commercial property segment recorded 15,169 transactions worth 14.02 billion ringgit (3.1 billion U.S. dollars), up 45.4 percent in volume and 28.3 percent in value compared to the same period last year.
According to the report, the property market performance recorded a rebound in the first half of 2022, a reflection of normalizing economic activity as the country moved toward endemicity.
"With the positive projection on economic growth by Bank Negara Malaysia, expected between 5.3 percent to 6.3 percent in 2022, supported by the implementation of various government initiatives and assistance, the property market performance is expected to be on track," it said.
Meanwhile, Malaysian House Price Index (MHPI) continued to increase at a moderating trend. As in the second quarter of 2022, MHPI stood at 203.5 points, up 0.5 percent on an annual basis.
Source: Xinhua