Penang ranked third in unsold properties as of Dec 2022
As of December 2022, the number of unsold completed residential properties has decreased to 27,746 units, worth RM18.41 billion, compared to 36,863 units worth RM22.79 billion at the end of 2021. Deputy Finance Minister Ahmad Maslan revealed that Johor has the highest number and value of unsold properties, with 5,258 units worth RM4.33 billion, followed by Selangor (3,698 units: RM2.74 billion) and Penang (3,593 units: RM2.74 billion).
According to Ahmad, residential properties priced between RM500,000 and RM1 million account for the highest number of unsold units, with 9,323 units valued at RM6.29 billion or 33.6% of the total unsold completed units. Unsold completed residential properties priced below RM300,000 stood at 6,509 units worth RM1.34 billion, while those priced between RM300,000 and RM500,000 stood at 8,128 units valued at RM3.29 billion.
Ahmad cited a report by the National Property Information Centre that showed many affordable homes, specifically those priced below RM300,000, are still available.
He added that the large number of unsold completed units can be attributed to the people’s low ability to purchase houses and the unpopular location of available units. Melaka is the only state that matches the ratio of affordable homes with the purchasing ability of buyers, according to Ahmad, who suggested that housing developers assess the people’s affordability in a particular state before embarking on housing projects.
The so-called affordable homes are not “user friendly” at all. For a moratorium of 5 years is far too long and only make the stagnation becoming worst. Anything illiquid is the first and major hinderance in whatever assets.
@Chye
My friend, affordable homes is meant for first home buyer own stay, not for you to flip. That’s the main reason to imposes a moratorium. In fact it should be 10 years so that people won’t buy to flip for profit.
Why am I not surprised? Local government keep approving those high density project and allow developer to randomly price their lousily-built projects. Even buyer is not all stupid, just some is.
Why am I not surprised? Local government keep approving those high density project and allow developer to randomly price their lousy built projects. Even buyer know how to think at these kind of times.
“Ahmad cited a report by the National Property Information Centre that showed many affordable homes, specifically those priced below RM300,000, are still available.”
But why keep hearing people still have to wait for news, and didn’t manage to get affordable home? hmm…
@jack
Because those priced RM300k unit is used by local developer to sell “Upgraded” unit (RM423k) to local buyers. For example, Ideal Venice.
@jack
Because those priced RM300k unit is used by local developer to sell “Upgraded” unit (RM423k) to local buyers.
This is good news. “As of December 2022, the number of unsold completed residential properties has decreased to 27,746 units, compared to 36,863 units end of 2021.” With that rate of decrease, assuming everything else stay the same, everything will be cleared in 2 years. But in real world, that won’t happen coz some locations are very bad (eg. very remote, near to smelly poultry farms etc). So these properties will remain unsold for centuries to come, no matter what.