Residential property sales in Malaysia this year to be record high since 2016, says real estate agentA general view of the George Town skyline, September 20, 2019. — Reuters pic
He said this will be an increase of 7,455 transactions compared to the total 197,385 transactions recorded for residential property last year.“A majority of the transactions are in the secondary market, but we can see increases in sales in both the primary and secondary markets,” Geh said. He said the reduction of threshold prices for foreign purchasers from RM1 million to RM600,000 will continue to give positive impacts to the housing market next year.
He defined undesirable locations as places without proper infrastructure and public transport connecting it to the cities and areas that are too far from facilities and amenities. “A majority of the residential property transactions in the first half of 2019, at 68 per cent or 4,112 units, are made up of properties valued at below RM400,000 while the remaining are of properties priced above RM400,000,” he said.
Geh said Penang has a total of 3,929 units of overhang residential properties as at the first quarter of 2019 with a large number of it — 2,621 units — being condominiums and apartments.
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