In the Dewan Rakyat, it was revealed that there are a total of 25,311 unsold new properties in Malaysia worth RM17.4 billion as of the third quarter of last year. This information was provided by the Housing and Local Government Ministry, citing data from the National Property Information Centre (Napic). The figure represents 19.4% of 130,753 newly launched units across the country.
Kuala Lumpur specifically has 3,111 unsold new properties last year, with a value of RM17.4 billion, making up 19.07% of unsold properties in the area. The ministry mentioned that the figures for 2024 are still being updated and reviewed by Napic before the quarterly reports are released.
The housing industry, according to the ministry, is a dynamic and competitive field that involves multiple stakeholders. Despite this, it faces several challenges including the issue of unsold ready-made houses. This problem is linked to a mismatch in the housing market, stemming from the gap between demand and supply of houses.
In response to a query from P. Prabakaran (PH-Batu), the ministry shared these statistics on unsold houses in the country and in Kuala Lumpur. It underlined the importance of addressing the issue of unsold properties to ensure a balanced and stable housing market.
Efforts to address the mismatch between supply and demand in the property market are crucial to prevent the accumulation of unsold units. The ministry highlighted the need for collaborative efforts from various stakeholders to find sustainable solutions to this issue.
Furthermore, the ministry emphasized the significance of data accuracy and regular updates to provide a clear picture of the housing market. By staying informed about the latest trends and statistics, stakeholders can make informed decisions and implement targeted interventions.
It reiterated the dynamic nature of the housing industry and the need for constant monitoring and adaptation to changing circumstances. Through proactive measures and strategic planning, the authorities aim to mitigate the challenges faced by the property market and promote sustainable growth.
The ministry’s response in the Dewan Rakyat sheds light on the complexities of the housing market and the importance of addressing issues such as unsold properties. By working together and staying informed, stakeholders can contribute towards creating a more balanced and resilient housing sector in Malaysia.
As the ministry continues to review and update the data on unsold properties, it signals a commitment to transparency and accountability in addressing the challenges within the housing industry. This ongoing process reflects a dedication to finding effective solutions and fostering a thriving property market in the country.
