NEW STRAITS TIMES. 17TH APRIL: The amount of unsold completed residential properties fell to 27,746 units worth RM18.41 billion at the end of December 2022, down from 36,863 units for RM22.79 billion the previous year.
Johor retained its position as the state with the most unsold properties and the greatest value, with 5,258 units worth RM4.33 billion, followed by Selangor (3,698 units: RM2.74 billion) and Penang (3,593 units: RM2.74 billion).
Residential properties priced between RM500,000 and RM1 million, according to Deputy Finance Minister Datuk Seri Ahmad Maslan, accounted for the greatest number of unsold units, accounting for 9,323 units valued at RM6.29 billion, or 33.6 percent of total unsold finished units.
The number of unsold completed residential properties priced below RM300,000 stood at 6,509 units worth RM1.34 billion, while unsold properties priced between RM300,000 and RM500,000 stood at 8,128 units worth RM3.29 billion, he said after a recent visit to the Valuation and Property Management Department (JPPH).
According to him, the National Property Information Centre’s data on completed residential units highlighted that many affordadale houses, particularly those priced below RM300,000, are still accessible on the market.
He said that among the causes contributing to the significant number of unsold completed units were people’s ability to acquire houses and a supply of houses in regions that did not satisfy demand.
Only Melaka, he said, was able to equal the ratio of affordable dwellings to buyer purchasing power.
Ahmad said before commencing on housing projects, housing developers should examine people’s affordability in a given state.