Property sales hit fresh record RM196.8 bil in 2023, Growth momentum set to continue

(From left): Director General of Valuation and Property Services Department Sr Abdul Razak Yusak, Finance Minister II Datuk Seri Amir Hamzah Azizan and Director of Napic Sr Norhisham Shafie during the launch of the property report. Photo by Mohd Izwan Mohd Nazam/The Edge

KAJANG (March 6): Malaysia’s property transaction value hit RM196.83 billion in 2023 — the highest ever recorded by the National Property Information Centre (Napic).

The figure was a 9.91% year-on-year (y-o-y) rise from the previous all-time high of RM179.07 billion logged in 2022, Napic said in a statement in conjunction with the release of its Property Market Report 2023 on Wednesday (March 6).

As for the number of transactions, it was largely flat at 399,008 in 2023, a 2.54% increase from 389,107 in 2022, with the bulk 62.8% or 250,586 units coming from the residential subsector.

Likewise, the residential sub-sector contributed the majority or 51.3% of 2023’s transaction value at RM100.93 billion, followed by commercial (19.5%), industrial (12.2%), agricultural (9.5%) and development land and others (7.5%).

“This positive growth trend is driven by a higher increase in transaction value in all subsectors, namely residential (up 7.1%), commercial (up 17.5%), industrial (up 13.1%), agriculture (up 4.6%) and development land and others (up 13.8%) compared wit 2022," Napic said.

The Malaysian House Price Index (MHPI) — a measure of Malaysian home prices — stood at 216.5 points (RM467,144 per unit) in 2023 with a moderate annual growth of 3.2%.

“All major states recorded positive annual growth in [MHPI] led by Johor (up 6.2%), Penang (up 3.8%), Selangor (up 2.9%) and Kuala Lumpur (up 1.8%) respectively,” Napic said.

Cautiously optimistic property market in 2024

Napic said that with the national economy expected to expand by 4% to 5% in 2024, the property market’s performance is expected to remain cautiously optimistic.

Second Finance Minister Datuk Seri Amir Hamzah Azizan, who officiated the report’s launch, said that the property sector in 2024 is expected to continue its recovery momentum supported by government initiatives set out in Budget 2024, although the domestic economy is facing global challenges.

Outlining relevant initiatives, Amir Hamzah mentioned the RM2.47 billion allocation for affordable housing development, RM10 billion allocation to the Housing Credit Guarantee Scheme (SKJP), stamp duty exemption for first-time homebuyers who purchase a home valued up to RM500,000, and more relaxed conditions for Malaysia My Second Home (MM2H) programme.

“Accommodative policies, well-executed measures outlined in Budget 2024 and proper implementation of strategies and initiatives under the 12th Malaysia Plan (12MP) are expected to catalyse further growth in the property sector,” Amir Hamzah said.

Read also:
Shopping complex occupancy rises slightly y-o-y in 2023, office space remains flat
Overhang residential units down 7% in 2023, affordable housing the largest category

Growth momentum set to continue

 

Chester Cheng - Real Estate #malaysia2024 #malaysiarealestate #malaysiaproperty As the year 2023 comes to an ending, I wish everyone Happy New Year! This video sharing is my own personal opinions about the coming year 2024 for Malaysian real estate market.

The positive growth trend is driven by a higher increase in transaction values in all subsectors.

KAJANG: The Malaysian property market transaction values rose by almost 10% to a record of RM196.83bil in 2023 from the previous year, with its growth momentum expected to continue this year.

The property overhang situation had seen a slight improvement as the numbers continued to decline by 7% and 4% in volume and transaction values, respectively, from 2022.

Moving forward, the Valuation and Property Services Department (VPSD) said the property market performance is expected to remain cautiously optimistic this year. This is predicated on the healthy gross domestic product growth forecast for this year that’s supported by resilient domestic growth prospects.

Accommodative policies, well-executed measures outlined in Budget 2024 and proper implementation of strategies and initiatives under the 12th Malaysia Plan are expected to catalyse further growth in the property sector, the department said.

The number of property transactions last year recorded a positive growth of 2.5% to 399,008 in 2023, compared to 389,107 last year. The statistics were taken from the Property Market Report 2023 published by the National Property Information Centre (Napic) and VPSD, which is a department under the Finance Ministry.

“The performance of the property market is encouraging with transaction values in 2023 having reached a record, which is an increase of 9.9% from 2022.

“The momentum of the property market will continue to be supported through Budget 2024 measures related to affordable housing and first home financing towards generating a stronger economic performance for the year 2024,” said Finance Minister II senator Datuk Seri Amir Hamzah Azizan.

The positive growth trend is driven by a higher increase in transaction values in all subsectors, namely the residential at 7.1%, commercial 17.5%, industrial 13.1%, agriculture 4.6% and development land and others at 13.8%, compared to 2022.

Newly launched residential units also saw an increase of 4.4% to 56,526 units with a better sales performance of 40.4% from 36% in 2022, the department said.

In his speech at the property report launch yesterday, Amir Hamzah also highlighted the reduction in the property overhang.

“The status for the overhang or unsold units have reduced to 26,000 units with a value of RM17.7bil compared with almost 28,000 units valued at RM18.41bil in 2022,” he said.

Amir Hamzah also said there will be an improvement in the requirements for applicants of the Malaysia My Second Home programme to increase its “flexibility.”

“This will encourage more interest into property transactions in the country that will also attract more tourists and foreign investors into the country,” he said.

This move is expected to help increase investments into the financial markets, of which also includes the national property market, he added.

The government’s present efforts to boost the property sector include the exemption of stamp duty on the transfer of documents for the purchase of a person’s first home up to RM500,000, which will be effective until December 2025.

On another matter, the minister also urged all data suppliers to ensure the data provided to Napic were always accurate and correct.

“Please continue the good working relationship with Napic and the VPSD as the data supplied has a big impact in the future formulation of government policies for the property market.

“I also ask all the others involved, especially the developers, planners or agencies that approve development plans to continue to refer to the data that is being published by Napic, which is accessible through a dedicated portal,” Amir Hamzah said.

Meanwhile, the report said the Malaysian House Price Index stood at 216.5 points or RM467,144 per unit in 2023, with a moderate annual growth of 3.2%.

All major states recorded positive annual growth, led by Johor at 6.2%, Penang at 3.8%, Selangor 2.9% and Kuala Lumpur at 1.8%, the report said.

Meanwhile the performance of shopping complexes witnessed moderate growth in 2023, as the occupancy rate increased slightly to 77.4%.

The available space reduced to four million sq metres, while the availability rate decreased to 22.6%, it said.

Commenting on the property overhang situation, Rahim & Co International Sdn Bhd real estate agency chief executive officer Siva Shanker said he expects the overhang will go down further this year as the market stabilises and improves.

“The biggest cause of overhang units is mainly due to oversupply.”

“A mismatch in location, pricing and developers not meeting the buyer’s demands” are causes of overhang and unsold residential units,” he added.

According to the property market report, the states with the highest rates of residential overhang and unsold units last year were Johor, Kuala Lumpur and Selangor respectively.

Meanwhile, Malaysian Institute of Estate Agents president Tan Kian Aun said the positive reduction in the overhang is a good sign, which shows the vibrancy of the market to be able to absorb the outstanding units in the market.

Tan said the Home Ownership Campaign (HOC) last year showed good progress in the overhang statistics.

“Hopefully the government can consider extending the HOC to further reduce the overhang situation,” Tan told StarBiz.

When asked on the property market’s outlook, Siva said the days of phenomenal growth in the property market are over and he expects a slight growth in the property market for 2024.

Siva noted that “organic growth is a good thing.

“We want a market that is stable and sustainable in the long run as it will not fluctuate with unpredictable highs and lows.”

Real estate sector well on its way to recovery | The Star

https://www.thestar.com.my/business/business-news/2024/03/08/real-estate-sector-well-on-its-way-to-recovery#:~:text=According%20to%20data%20released%20by,expected%20to%20continue%20this%20year.

Foreign boost for real estate | The Star

0year.

https://www.thestar.com.my/news/nation/2024/03/09/foreign-boost-for-real-estate#:~:text=The%20MM2H%2C%20initiated%20in%202002,with%20more%20rigorous%20application%20conditions.

Residential sector to enjoy growth in 2024 - The Star

https://www.thestar.com.my/business/business-news/2024/03/11/residential-sector-to-enjoy-growth-in-2024#:~:text=Anticipating%20favourable%20market%20conditions%20in,prices%20with%20wages%20and%20income.

Demand outstrips supply for rental units in Johor

We choose our own friends, China remains a key ally

‘We do not have a problem with China’: Malaysian Prime Minister Anwar Ibrahim

MELBOURNE: As a “fiercely independent” nation, Malaysia will not be dictated to by anyone over its relations with China or any of its important neighbours, says Datuk Seri Anwar Ibrahim.

“While we remain an important friend to the United States, Europe and here in Australia, that should not preclude us from being friendly to one of our important neighbours, specifically China,” the Prime Minister said.

“We are fiercely independent. We do not want to be dictated to by any force.

“If they have problems with China, they should not impose them upon us. We do not have a problem with China,” Anwar said in a joint press conference with Australian Prime Minister Anthony Albanese during his official visit to the country yesterday.

Asked about how Sinophobia manifested itself and its effect on the region, Anwar replied that Malaysia upholds an “open trading policy to encourage investments from foreign countries.”

“They have levied some criticisms against us for giving additional focus to China. Right now, China seems to be the leading investor in Malaysia.

“Cumulatively, it’s still the United States of America,” he added.

On Feb 27, Anwar had decried “China-phobia” among US and Western allies in an interview with the Financial Times in the United States, questioning why Malaysia would “pick a quarrel” with China, its largest trading partner, in response to US criticism of Malaysia’s ties with Beijing.

“Why must I be tied to one interest? I don’t buy into this strong prejudice against China, this China-phobia.”

Calling China an important neighbour, he said Malaysia would give priority to enhancing relations with Beijing in terms of trade, investment and culture.

Anwar, who is in Australia with his wife Datuk Seri Dr Wan Azizah Wan Ismail and several ministers and leaders, will attend two major programmes – the Malaysia-Australia Annual Leaders’ Meeting and the Asean-Australia Special Summit.

Warm welcome: Anwar shaking hands with Albanese at Government House in Melbourne, Victoria. Looking on is Governor of Victoria, Margaret Gardener. — Bernama

On the Palestinian-Israeli conflict, Anwar lauded the Syrian government for supporting the call for a ceasefire and enhancing media efforts in Gaza.

“The consensus is in calling for a ceasefire and good humanitarian support, and probably avoiding the contentious issues between Palestine and Israel. At least for now, it is to cease fire and provide humanitarian assistance.”

Albanese also reiterated his call to end civilian suffering through a humanitarian ceasefire, the release of hostages, and a two-state political solution for Palestinians and Israelis to live with security and stability.

On the 10th anniversary of flight MH370, which went missing on March 8, 2014, Anwar said Malaysia would not hesitate to renew the search for the aircraft if there was “compelling evidence.”

“We will be glad to reopen (the search) because I don’t think it’s a technical issue. It is an issue affecting the lives of people, and whatever needs to be done must be done,” he said.

Both Anwar and Albanese also agreed that Malaysia and Australia would like to achieve more growth in trade and economic relations, especially in green energy and education.

“There’s a real potential for further institutional investment from Australia into Malaysia as well, with universities and tertiary education being a real prospect.

“Australia remains an important supplier of LNG to Malaysia. We have so much in common in our economies that is quite complementary,” Albanese said.

He also said Australia was focused on this region despite receiving critical commentary about it sometimes.

“We make no apologies for our focus being on South-East Asia in the Indo-Pacific because this is where our future economic prosperity will be determined.

“We’re living in this region, the fastest-growing region of the world. What that presents is an enormous opportunity for both our nations,” he said.

Anwar replied that Malaysia was committed to facilitating all avenues that both countries could explore – including renewable energy, green technology, digitalisation, food security and education opportunities involving top Australian institutions.

Related post:

Promise of change slow in coming

Related articles:

Western slander won't put China off its economic stride

During China's two sessions, much attention is often paid to the country's GDP growth target. However, it is crucial to look beyond the numbers and understand the implications of new policies and measures to address economic challenges.

The Philippines cannot catch 'big fish' of geopolitics in SCS: Global Times editorial

We also hope that the Philippines' expression of "hope for a peaceful resolution to the maritime disputes with China" is not just a diplomatic rhetoric shifting the blame onto China

Promise of change slow in coming

 

Accusations of betrayal and unfulfilled promises of reforms have been flying fast and furious but, behind the scenes, efforts are being pursued to realise the pledges made.

Protesters holding yellow signs with phrases such as ‘Don’t get comfortable’ and ‘Clean and fair’ while chanting ‘Tuntut Reformasi, Tolak DNAA, Rakyat Bangkit’.

100 protesters march in Bersih rally for reforms

Bersih rally shows something wrong with Madani govt'

THE Bersih march to Parliament was a sad sight.

Once a powerful voice that was able to flood downtown Kuala Lumpur with a sea of yellow-shirted people, the rally crowd on Tuesday morning was so sparse it was almost outnumbered by police personnel and media people.

Cynics say it is living proof that Bersih was basically a vehicle used by Pakatan Harapan to overthrow Barisan Nasional and that the NGO has been used and discarded like tissue paper.

But Pakatan politicians are the ones who ought to be embarrassed for what some reporters described as “hiding inside” Parliament instead of facing the protesters.

The tables have turned and it is ironic that Pakatan is now on the defensive.

Only six MPS emerged to meet the protesters among them being Sungai Petani MP Taufiq Johari who said his party, PKR, has not abandoned its reform ideals.

“Don’t dwell on the size of the Bersih crowd. It is the message they carry that is important and we support that,” he said.

Taufiq pointed out that Prime Minister Datuk Seri Anwar Ibrahim also spent about 40 minutes in his Parliament office to listen to the Bersih delegation and also to explain that reforms are still his priority.

A year is quite impossible to implement the sky, the moon and the stars that Pakatan had promised during the election campaign.

Tiktok is flooded with videos of Anwar and also Rafizi Ramli slamming the then government over the ringgit and the economy when they commanded the ceramah stage.

Pakatan had promised to “save Malaysia” but businessmen are staggering under the shrinking ringgit.

The government is under pressure and DAP has been labelled as MCA 2.0 for their silence on issues, including the never-ending saga of the Teoh Beng Hock death which the party had used to inflame Chinese sentiments.

It has been a thorny period as the past returns to haunt Pakatan leaders.

Actually, Pakatan politicians said so many silly things on the ceramah circuit and their supporters have only themselves to blame for swallowing everything without chewing.

“To be fair, the unity government is now dealing with a bit of what each party promised because it took a few months for the new partners to find the chemistry of working together.

“But they have not sat down to talk about a combined manifesto, to tell people that this is what we will do as a coalition government,” said lawyer Ivanpal S. Grewal.

Much credibility also went down the drain over the preferential treatment given to the corruption cases of Umno leaders Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Najib Razak.

Ivanpal said that while the average Malaysian is concerned about the rising cost of living, the noise among the chattering class is on issues like equal allocation for the Opposition, political funding and strengthening the judiciary and the Malaysian Anticorruption Commission.

“None of the Pakatan leaders seem to be thinking about how the unity government wants to be perceived in the eyes of the public and Anwar cuts a lonely figure defending his government’s policy.

“The government is failing on the communication front,” said Ivanpal.

Investors and businessmen, said Ivanpal, expect an economic roadmap by now.

The mantra that reform takes time may sound like a lame excuse but legislative reform is not like cooking Maggi Mee.

Also, it is not that the government is doing nothing about it.

“We are working on it and we want it to be properly done,” said Selayang MP William Leong who chairs the Parliamentary Select Committee on Human Rights, General Elections and Institutional Reform.

The government has tackled the low-hanging fruits like laws on sexual harassment, child protection and amendments to the Suhakam Act.

Leong, who was also there to meet the Bersih protesters, said Bersih then under the chairmanship of Thomas Fann was the first NGO that the select committee met in April last year.

This was followed by discussions with more NGOS like Tindak Malaysia, Suhakam, the Civil Society Organisation, Institute for Democracy and Economic Affairs (Ideas) and groups connected to refugee and prison reform.

“Everyone, especially the NGOS, have their pet reforms but we also have to prioritise. I told the NGOS that we are new cooks who have just come into the kitchen and there are 10 pots boiling away on the stove.

“The devil lies in the details. For instance, separating the Attorney General’s Chambers and Public Prosecution cannot happen overnight. We have to look at the legal side as well as the administrative implementation.

“I understand people are impatient that change is not coming fast enough but even when we buy a house, it takes three years to be completed. Let me say this – the changes we promised are on the way,” said Leong.

Anwar has turned out to be more lively than his immediate predecessor Datuk Seri Ismail Sabri Yaakob. He is also less aloof than Tan Sri Muhyiddin Yassin and certainly younger and more energetic than Tun Dr Mahathir Mohamad.

But he is surely aware that the last time ordinary people complained so much about the ringgit and cost of living issues was when Najib was still in charge and that is not a good parallel.

Truth be told, the non-malays had wholeheartedly supported Anwar because they believed they were voting for a more equal Malaysia. It is a painful realisation that the Chinese tsunami could not deliver the New Malaysia they expected.

But time is on Anwar’s side. He has a supportive King on his side and another three years to work on delivering the change.

The Star by JOCELINE TAN The views expressed here are entirely the writer’s own.

Exercises Like Planks, Wall Sits Work Best to Help Lower Blood Pressure

The Single BEST Exercise to Lower Blood Pressure!

• New research found that strength training exercises can be more effective at lowering blood pressure compared to other styles of exercise.1
• Isometric movements, like wall sits and planks, were noted as the best form of strength training to lower blood pressure.
• Experts recommend creating a sustainable exercise routine that includes both aerobic exercises and strength training in order to see the most benefits.

Strength training is more effective at lowering blood pressure than other styles of exercise, a new study finds.1

It has long been known that exercise can help reduce blood pressure, and can be an important component of managing hypertension. However, most research has focused on the benefits of aerobic exercise—like walking and running—to reduce blood pressure.

But, it’s not just cardio workouts that can be helpful for blood pressure management.

A new study, published in July in the British Journal of Sports Medicine, found that strength training exercises are more effective at lowering blood pressure than other forms of exercise.

The new research suggests that strength exercises, particularly those considered isometric exercises like planks and wall sits are better at lowering blood pressure than other types of exercises.1

“Isometric exercises increase the heart rate, lower cardiac output, and alter systemic vascular resistance via various musculoskeletal receptors,” said Nitin Bhatnagar, DO, a cardiologist, human behavioral specialist, CrossFit coach, and life architect at Hampden and Franklin County Cardiovascular Associates in Massachusetts.

He explained that, over time, this conditions the cardiovascular system and lowers blood pressure.

“This gives further proof that exercise is a critical component of controlling our blood pressure, in addition to medication if that is what is recommended by your doctor,” said Lance LaMotte, MD, FACC, a structural and interventional cardiologist and the owner of TITLE Boxing Club in Baton Rouge, Louisiana.

GETTY IMAGES / OSCAR WONG

The Limitations of the Study

LaMotte noted that since the new research is a meta-analysis (an analysis of several trials), there is room for critique of the certainty of the findings. “As licensed practitioners, we rely on meta-analyses a little less for absolute results,” he said.

Exercise Reduces the Stiffness of Blood Vessels, Which Lowers Blood Pressure

From a broad perspective, exercise helps blood pressure by reducing the stiffness of the blood vessels. This makes the blood vessels more “compliant” or extensible and able to dilate or widen, making more “room” for blood to flow through.

This decreases the pressure exerted by the blood on the arterial walls.

Bhatnagar explained that blood vessels have three layers of tissue that comprise the walls of the vessels. The innermost layer is known as the endothelial layer; exercise has been shown to influence the activity of the endothelium.

The endothelial cells release nitric oxide, which helps widen the blood vessels.

“[Nitric oxide] also relaxes the artery wall’s smooth muscle cells, preventing spasms, and keeps the vessels patent,” Bhatnagar said. “Regular exercise helps the arteries by increasing nitric oxide production.”

He explained that because of the widening of the blood vessels, blood pressure is lowered.

Consistent exercise also helps lower blood pressure because of how it strengthens the heart muscle, Bhatnagar added. This allows the heart to pump blood more efficiently, which reduces stress on the blood vessels.

What Is a Healthy Blood Pressure in Adults?

According to the American Heart Association, a blood pressure reading below 120/80 mm Hg (millimeters of mercury) is considered within the normal range for a healthy adult.2

Most People Don't Know What a Normal or Healthy Blood Pressure Is, Study Shows

Creating a Balanced Exercise Routine for Blood Pressure

Even though the new research points to the benefits of strength training for blood pressure, Bhatnagar clarified that it’s important for an exercise routine to include all forms of exercise in order to provide a full range of benefits to the body.

“Strength training is just as crucial as aerobic training, which is equally vital to yoga and stretching,” he said. “Each discipline plays a role in the body’s development and conditioning to balance strength, endurance, stamina, coordination, flexibility, speed, agility, and functionality.”

Ultimately, it’s important to find a sustainable exercise routine that you can stick with—that’s when you’ll start to see results.

“The most important thing is to find an exercise that you are going to do at least 3 or 4 times a week,”Allan Stewart, MD, a cardiologist and the chairman of surgery and medical director of the Cardiovascular Institute at HCA Florida told Health. “If you are someone that doesn’t like strength exercises, and likes to, say, swim, walk, or hike, those are fine as well.”

LaMotte agreed that liking the kind of exercise you’re doing will help with consistency, which is, in his opinion, more important than choosing a specific kind of physical activity.

“Make sure you choose something that you enjoy doing and can commit to long-term,” he said. “That’s where I see people fall off—when they choose an activity they can’t adhere to.”

That said, Stewart, LaMotte, and Bhatnagar agree that you certainly shouldn’t negate strength training.

“The reason why we have joint, posture problems, and disc disease is because we’re not doing strength training over time,” Stewart said. “Strength training will lead to better posture and a lower heart rate. It will also decrease stress, decrease arthritis, improve posture, and decrease spinal disease, among the many benefits.”

Before you begin any exercise program, particularly if you struggle with high blood pressure, Stewart noted that it’s important to speak to a healthcare professional.

But, once you’ve decided on the right exercise path for you, it can yield impactful results.

“We are far better off with exercise than blood pressure medicine,” said Stewart. “It’s not to say there aren’t people who need it, but [focus on] controlling your diet, controlling your stress, getting proper sleep and exercise.”

By Amber Sayer   Fact checked by 

Nick Blackmer 

Best Exercises to Lower Blood Pressure

13 Effective Ways to Lower Your Blood Pressure

https://www.facebook.com/share/v/AC8UcU9En62Ws2gT/?mibextid=xfxF2i

Related post:

Benefits of Doing Squats and Variations to Try