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Property News

RM18.3b worth of unsold houses in 2Q, says deputy minister

KUALA LUMPUR (Nov 15): A total of 26,286 completed houses, valued at RM18.3 billion, were reportedly unsold in the second quarter of 2023 (2Q2023).
Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir (pictured) stated that, according to the National Property Information Centre (Napic), this indicates a 5.3% decrease in total units and a 0.6% decrease in value compared to the same period last year.
To control the issue of unsold houses, Akmal said that the government had implemented the mapping of the Affordable Housing Index based on median income by state and district obtained from the 2022 Household Income and Basic Facilities Survey Report.
“This method considers the median income of people by locality using the median multiple method, and the mapping serves as a guide for developers and housing agencies to determine the sale price of houses in a given locality,” said Akmal in response to Datuk Suhaimi Nasir (Barisan Nasional-Libaran) during the oral question-and-answer session in the Dewan Rakyat on Wednesday.
Akmal added that the government also encourages developers to conduct feasibility studies before initiating any development to ensure that the houses built align with people’s affordability, and to prevent unsold inventory.
Additionally, the ministry is currently developing the Housing Big Data Analytics System as a centralised reference source for housing data, according to Akmal.
Meanwhile, Akmal reported that throughout the implementation of the Housing Credit Guarantee Scheme (SKJP) from 2008 until September 30, 2023, a total of 30,841 loan applications, worth RM5.85 billion, had been approved.
“The Madani government, through Budget 2024, has proposed adding another RM10 billion in guarantees to benefit 40,000 borrowers. The scheme, with a financing limit of up to RM500,000 for first homes, includes the amount of principal financing, Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT), as well as legal fees and appraisal fees,” Akmal added.
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Source: EdgeProp.my

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