Dato’ Abdullah Thalith Md. Thani, JPPH Director-General presenting the Propert Market Report 2011 to Dato’ Donald Lim, Deputy Finance Minister.
Donald Lim, Deputy Finance Minister announcing the report findings before launching it.
Dato’ Donald Lim launching the Property Information System Malaysia – JPPH (PRISM-JPPH).
The Malaysian property market in 2011 intensified in the volume and value of transactions compared to the previous year, bringing the growth to a record high in the past five years.
Number of property transaction increased by 14.3% to 430,403 transactions while the total value of transactions increased by 28.3% to RM137.8 billion.
This was announced by Dato’ Donald Lim, Deputy Finance Minister at the launch Malaysia’s Property Market Report 2011 in Kuala Lumpur on Tuesday. He also mentioned that the increase was due to our sturdy economy, supported by proactive steps and measures by the Government.
According to the report published by the National Property Information Centre (NAPIC) under the Valuation and Property Services Department (JPPH), the residential sector continued to spearhead the property market activities taking up 62.7% of the market share, an expansion of 18.9%. This is followed by agricultural (19.7%), commercial (10.1%), development land (5.0%) and industrial (2.4%).
By value, all sub-sectors recorded double-digit growths against 2010 with two of them surpassing the 50% mark, namely agricultural (65.4%) and development land (54.8%).
“Malaysia’s property prices still has room to grow,” said Dato’ Donald comparing prices with those of other Asean countries. He also noted that increase in value of 10% to 15% per annum is healthy while within the KL City, 20% is still acceptable.
According to the report, more plans have been announced by the Government for the year to keep the property market in stable condition with sustainable growth. This includes the building of another 7,700 units of affordable homes under the 1Malaysia People’s Housing Sceme (PR1MA) and the increase of the maximum house price under the My First Home Scheme to RM400,000, among others.
The launch was simultaneous with the launch of NAPIC’s Property Information System Malaysia – JPPH (PRISM-JPPH). PRISM is NAPIC’s online portal which allows a quicker access to Malaysian property data. Also present at the launch was JPPH director-general, Dato’ Abdullah Thalith Md. Thani.
For access to PRSIM, log on to napic.jpph.gov.my to register.