PETALING JAYA: The number of unsold completed residential properties declined to 27,746 units worth RM18.41 billion as of December 2022 compared with 36,863 units worth RM22.79 billion at the end of 2021.
Deputy finance minister Ahmad Maslan said Johor maintained its position of having 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).
“Residential properties priced between RM500,000 and RM1 million accounted 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,” he told the media after visiting the valuation and property management department today.
The number of unsold completed residential properties priced below RM300,000 stood at 6,509 units worth RM1.34 billion, while unsold properties priced between RM300,000 and RM500,000 stood at 8,128 units valued at RM3.29 billion.
Ahmad said a report by the National Property Information Centre on completed residential units revealed that many affordable homes, namely, those priced below RM300,000, are still available.
He added that the people’s low ability to purchase houses and the unpopular location of available units were among the factors behind the large number of unsold completed units.
He noted that Melaka was the only state that is able to match the ratio of affordable homes with the purchasing ability of buyers, adding that housing developers should assess the people’s affordability in a particular state before embarking on housing projects.