Not so, if based on NAPIC report, with RM46.94 bil worth of 115,476 units alone transacted in the first half of 2020.
The Valuation & Property Services Department (JPPH) of the Ministry of Finance Malaysia released a statement on the property market activity that showed a sharp decline in the first half of this year (1H20).
The JPPH statement is based on the factual transactional activity index which are records of the total number of Sale and Purchase Agreements (SPAs) that have been signed.
Senior Partner of Raine & Horne International Zaki + Partners Sdn Bhd Sr Michael Geh who is also the Immediate Past President of the International Federation of Real Estate (FIABCI) Malaysian Chapter points out that despite the sharp decline, the Malaysian property market still recorded RM46.94 billion worth of transactions in 1H20.
“This shows that the market is still active, as there were a total of 115,476 transactions recorded for the first half of this year despite the Movement Control Order (MCO),” he says.
The market had only recorded a drop of 27.9% in volume and 31.5% in value as compared to the first half of 2019 which recorded 160,165 transactions worth RM68.53 billion.