THE subsale residential property market has seen an overall increase of 13.3% year-on-year (yoy) in 2019, according to iProperty.com Malaysia Sdn Bhd’s 2019 Portal Demand Analytics.
The analytics provided a view of the current demand trends using iProperty.com.my’s user visits and property listings data in the Malaysian subsale residential property market with a special focus on Kuala Lumpur, Selangor, Penang and Johor.
REA Group Asia customer data solutions general manager Premendran Pathmanathan said the growth in user visits on iProperty.com.my continued to outpace the growth in listings for three property types: terrace house, condominium and serviced residence.
“This was mainly driven by the large demand in condominiums and serviced residences due to a modest drop in capital growth.
“As for the terrace house category, which represents over 50% of subsale residential transactions in the market, it exhibited an increase in demand at 9.0% in 2019,” he said during the official launch of the analysis on Jan 17.
Condominiums recorded a turnaround with a 14.2% growth in 2019 compared to a 5.9% decline trhe year before, according to the analysis for the first half of 2019 (1H19).
Premendran said among the three property types, terrace houses emerged tops in 2019 in terms of capital appreciation with a 3.16% capital growth compared to 2018.
“Serviced residences, which recorded the highest demand growth in 1H19, maintained its top position among the three property types, ending the year with a demand growth of 17.3% yoy.
Property prices in major cities throughout the country are slowly converging, with more affordable (second-tier) cities seeing their property values increase over time.
For instance, Seremban which offers properties with an affordable median price of RM200,000 is highly attractive when coupled with factors such as connectivity and proximity to the Klang Valley, thereby contributing to its higher capital growth of 9.91%.
Premendran said property prices in major states throughout the country are slowly converging, with more affordable cities seeing their property values increase over time. – Jan 17, 2020
