Second finance minister Amir Hamzah Azizan said the total value of these transactions also rose by 18% to RM232.3 billion in the same period.

“In the residential sector 75,784 new units were launched last year, and of these, 37.3% have been sold,” Amir said at the launch of the 2024 Property Market Report at the National Institute of Valuation today.

The improved performance of the property market is also reflected in the 10.3% decline in overhang (completed but unsold units) to 23,149 units compared with 2023, with the total value of unsold units also dropping 21.2% to RM13.94 billion.

Amir said the strong performance of the property market reflected renewed confidence in the government’s economic strategies under the Madani Economy framework.

“The property market is a key proxy for the country’s economic health. The increase in transactions and occupancy rates signals growing investor and public confidence in the economy,” he said.

He added that construction activity in the residential sector also grew across all phases, indicating sustained demand.

Meanwhile, Amir said, occupancy rates for shopping complexes improved slightly to 78.8% from 77.4% in 2023, suggesting steady retail recovery.

The Malaysian House Price Index (MHPI) also recorded a moderate growth of 3.3%, bringing the average price of a residential unit to RM486,678.

The second finance minister said the market’s momentum is expected to continue in 2025, supported by government incentives and major infrastructure projects.

“Special financial incentives under the Johor-Singapore Special Economic Zone (JS-SEZ) and Forest City Financial Zone are also expected to attract foreign investors, further boosting the market.

“Infrastructure projects such as the Rapid Transit System (RTS) in Johor, the East Coast Rail Link (ECRL), and the Pan Borneo Highway will also play a key role in supporting growth,” he added.