Unsold completed residential properties up 30.6% in 2018
Malaysia has recorded a total of 32,313 units of unsold completed residential properties in 2018 valued at about RM19.8 billion. This is a 30.6% increase from 24,738 units recorded in 2017, according to the National Property Information Centre’s (Napic) Property Market Status Report for 2018.
The highest number of unsold completed units came from Johor with 6,066 units, a 38.6% y-o-y increase from 4,736 units in the previous year. These unsold units are worth RM4.6 billion.
Perak has the second highest number of overhang units last year with 5,367 units unsold compared with 2,276 units in 2017, worth RM1.6 billion.
Selangor registered 4,693 unsold units in 2018, up from 3,713 units. They are worth some RM4.2 billion, making it the state with the third highest number of overhang units.
Penang came in fourth with 3,502 unsold units with an estimated value of RM3 billion. However, this is a decrease of 10.57% from the 3,916 units that was recorded in the preceding year.
Following closely is Kedah with 3,311 unsold homes, worth RM889 million. The state too saw a drop from the 3,783 unsold units recorded in 2017.
Kuala Lumpur was next as the capital city saw a rather large spike in unsold properties with 2,769 units valued at RM2.7 billion from just 929 units previously.
Meanwhile, Pahang and Negeri Sembilan recorded 1,405 and 1,046 unsold units worth RM500 million and RM 610 million respectively.
Melaka has a total of 759 unsold units (worth RM268 million) while Terengganu has 402 unsold units (worth RM139 million). Kelantan and Perlis both have low numbers of unsold properties with 139 and 65 units only.
In East Malaysia, Sarawak recorded 1,412 units of unsold homes worth RM612 million while Sabah has 1,377 units of unsold homes with a value of RM579 million.
Unsold completed shops increased 11% y-o-y
Meanwhile, the same report also highlighted that the number of unsold shop units nationwide has climbed 11% to 5,055 units (worth RM4.08 billion) from 4,546 units (estimated value of RM3.29 billion) in 2017.
Johor again tops the list with the highest number of unsold completed shop units in 2018 with 1,182 units with an estimated value of RM1.25 billion. However, the number of unsold completed shops in Johor has decreased slightly by 2.6% compared to 1,214 units (worth RM1.2 billion) in 2017.
Melaka took the second spot with 727 units (worth RM359 million) while Selangor came in third with 612 units (worth RM 765 million) -- the number of unsold completed shops in these two states were 15% and 46% higher respectively, from the previous year.
source from Edge Property