1.0 Residential Property

1.1 Newly Launched Housing Scheme

Newly launched housing scheme in the first half of 2024 has been relatively slow compared to the same period last year, experiencing a decrease of 34.2% to 22,827 units (down from 34,697 units in H1 2023).

However, sales performance has seen an increase by 26.2% as compared to 2023.

Landed properties account for 65.9% (15,048 units) of the total new launches, while stratified properties represent 34.1% (7,779 units).

The trend of new residential launches from H1 2021 to H1 2024 is illustrated in Chart 1.

Chart 1: Trend of Newly Launched Residential H1 2021 – H1 2024

In the first half of 2024, the highest number of new launches was recorded in Johor, totaling 5,376 units, followed by Selangor and Perak with 3,847 units and 2,636 units, respectively.

Chart 2: Newly Launched Residential – Volume by State 2023

Property type of 2 to 3 storey terrace house dominates the number of new launches for the first half of 2024, accounting for 32.2% of the total new launches. Meanwhile, condominium/ apartment and single storey terraces house make up 31.5% and 22.0% respectively.

Chart 3: New Residential Units Launched by Property Type

Residential properties priced RM300,000 and below dominates the newly launched market share at 39.2% (8,944 units), followed by 30.0% of those priced between RM500,001 and RM1,000,000 (6,842 units), and 23.8% for properties priced between RM300,001 and RM500,000 (5,437 units).

Chart 4: Newly Launched Residential by Price Range H1 2024

1.2 Residential Property Overhang

A total of 22,642 unsold units, valued at RM14.2 billion, were recorded in the first half of 2024, representing a decrease of 13.9% in volume and 22.2% in value compared to the same period in 2023.

Chart 5: Volume of Residential Overhang H1 2021 – H1 2024

Chart 6: Value of Residential Overhang H1 2021 – H1 2024

Perak recorded the highest overhang in the accounting for 4,161 units (18.4%). Johor ranked second with 3,219 units (14.2%) followed by WP Kuala Lumpur with 3,051 units (13.5%).

Chart 7: Residential Overhang by State H1 2024

Condominiums/ apartments account for a significant 59.8% (13,535 units) of overhang. Terrace houses represent 24.4% (5,524 units), while both semi-detached and detached houses make up 8.2% (1,867 units). The remaining 7.6% consists of other types of houses. The distribution of unsold residential units by type is illustrated in Chart 8.

Chart 8: Residential Overhang by Type H1 2024

Overhang units in the high-end segment priced above RM500,000 took up the largest market share at 41.6% (9,413 units). In contrast, the remaining properties are priced at RM300,000 and below, as well as between RM300,001 and RM500,000, representing 30.2% (6,840 units) and 28.2% (6,389 units) respectively.

Chart 9: Residential Overhang by Price Range H1 2024

1.3 Unsold Under Construction

The number of residential units under construction has increased by 5.6%, reaching a total of 57,934 units compared to the first half of 2023.

Chart 10: Trend of Unsold Under Construction Residential H1 2021 – H1 2024

Perak leads the segment of unsold under construction with a market share of 18.9%, followed by Selangor at 12.3% and Johor (10.9%). Condominiums/ apartments account for the majority of unsold units, representing 39.9% (23,089 units) of the total.

Chart 11: Unsold Under Construction Residential by State H1 2024

Chart 12: Residential Unsold Under Construction by Type H1 2024

The units unsold under construction in the affordable segment priced at RM300,000 and below lead the overall total, accounting for 45.4% (26,290 units). This is followed by 28.4% (16,424 units) priced between RM300,001 and RM500,000, and 26.3% (15,220 units) priced above RM500,000.

Chart 13: Unsold Under Construction by Price Range H1 2024

1.4 Unsold Not Constructed

The number of unsold not constructed residential unit has increased by 26.3% (10,010 units) compared to the first half of 2023.

Chart 14: Trend of Unsold Not Constructed Residential H1 2021 – H1 2024

WP Kuala Lumpur recorded the highest market share for residential unsold not constructed at 39.3%, followed by Pulau Pinang (14.8%). Condominium/ apartment contributed the majority in this segment at 61.0% (6,105 units). The residential unsold not constructed categorized by type as illustrated in Chart 16.

Chart 15: Unsold Not Constructed by State H1 2024

Chart 16: Residential Unsold Not Constructed by Type H1 2024

The units unsold not constructed which fall within the affordable price range of below RM300,000, accounting for nearly half of the total number (4,182 units), followed by residential units priced above RM500,000, which represent 31.0% (3,105 units).

The residential unsold not constructed according to the prices indicated in Chart 17.

Chart 17: Unsold Not Constructed by Price Range H1 2024