KUALA LUMPUR 10 July - National Property Information Centre (NAPIC) data for property market as of first quarter this year found Johor has recorded the highest overhang completed residential with 5,468 unsold units compared to other states in Malaysia.
Out of the unsold units total in Johor, 1,711 are condominium units or apartments and 2,086 are two to three-storey terrace houses.
It is followed by Perak and Selangor with 4,919 and 4,844 unsold units respectively, of the same period.
However, compared to the same period of 2019, Johor’s overhang residential slightly higher at a total number of 6,057 units.
The total of Malaysia’s overhang properties of the first quarter 2020 is 55,999 units which marks up to RM41.59 billion.
The properties are residential, serviced apartment, shops, SOHO and industry with the former recorded the highest at 29,698 unsold units, amounted to RM18.91 billion.
Last year, residential property overhang stood at 30,664 units worth RM18.82 billion, down by 5.1% in volume and 5.2% in value.
2019 also saw residential overhang, the first decline in a 5 years period since 2015 and the total further declines for the first quarter of 2020.
Deputy Director of NAPIC property market division, Tee Siew Bee said 2020 saw a slower pace in the overall property market due to a mismatch in demand and supply for certain states, districts, locations, types and prices.
“The residential overhang situation has continued to improve, but remains a major concern.
There are fewer new launches that might help to reduce the number of overhang and unsold units,” Siew Bee said.
For the property market outlook of 2020, NAPIC estimated prices of properties to soften and downward pressure on rental.
Market activity and absorption may be slower given the current economic and financial situation while overhang and unsold may probably level up in 2020.
With that, the residential, commercial and leisure sector are expected to face challenges. - DagangNews.com
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