KUALA LUMPUR: The figures for completed and unsold residential properties stood at 30,290 units worth a total of RM19.75bil as of the third quarter of 2021, says Deputy Housing and Local Government Minister Datuk Seri Ismail Abd Muttalib.
Citing figures from the National Property Information Centre (Napic), Ismail (BN-Maran) also said in the second quarter of this year, completed and unsold residential properties stood at 31,112 units that were worth RM20.1bil.
“This shows a drop of 2.64% in terms of units and 1.74% in terms of value, comparing the third quarter and the second quarter of this year.
“There is a slight dip in unsold homes, but it isn’t significant because there are developers who gave discounts in order to sell homes during the current period of economic uncertainty.”
Ismail also said he hoped many developers will consider reducing prices of residential units in order to ensure unsold properties can be let go and for the real estate market to recover.
Figures shared by Ismail showed that the most unsold residential units in the third quarter this year were in Johor with 6,441 unsold properties, followed by Penang (4,638), Kuala Lumpur (3,863), Selangor (3,376), Perak (2,865), Sabah (2,742), Sarawak (1,862), Pahang (1,246), Negri Sembilan (1,135), Kedah (637), Melaka (592), Terengganu (458), Putrajaya (229), Kelantan (114), Labuan (68), Perlis (24).
Speaking during Question Time in Parliament, Ismail said the government was aware of the increasing numbers of unsold residential units, and the government had launched several programmes to address this, among them the Home Ownership Campaign (HOC) stamp duty exemption.
He added that developers registered under the Real Estate & Housing Developers’ Association (Rehda) are allowed to give a 10% discount to buyers intending to buy houses worth between RM300,000 to RM2.5mil.
However, Ismail said despite the HOC, the sale of residential properties is expected to slow down until the end of this year.
“Sales of real estate units depend on domestic and external factors such as the rise in raw materials, supply and demand mismatch and sky-rocketing land prices due to Covid-19 developments.”
Ismail was responding to Datuk Ahmad Jazlan Yaakub (BN-Machang), who asked on Tuesday (Nov 23), the amount of unsold property units as of September this year.
Ismail said the government will continue monitoring the issue of unsold residential units and the issue required cooperation from all sides, including the Federal Government, state government, local authorities, and banking institutions, among others.
“I believe that with proper steps like this, the issue of unsold houses can be solved as soon as possible.”
During the tabling of Budget 2022 last month, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the government decided to remove the Real Property Gains Tax (RPGT) for property disposal by individual citizens and permanent residents when they dispose of their real property assets from the sixth year onwards.
Tengku Zafrul also said the abolishment of the RPBT will help invigorate the property market and translate to a positive multiplier effect on the economy.