Johor leads Malaysia’s influx in real estate transactions in 2021
Johor’s property market is slated for a steady recovery in 2022
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz noted that Malaysia’s property recorded more than 300,000 transactions valued at MYR145 billion (USD34.3 billion) last year. Compared to 2020, this represents a 1.5 percent growth in volume and 22 percent in value.
“The growth was mainly contributed by the residential subsector, which accounted for nearly 66 percent of total transaction volume and more than 50 percent of overall transaction value,” he said.
According to Malay Mail, the agriculture sector followed in terms of volume (18.9 percent) while the commercial sector, in value (19.3 percent).
Johor is one of the states that experienced growth last year. During the first nine months of 2021, transactions in Johor went down 1.9 percent in volume compared to the year prior. While units have gone from 25,128 to 24,657, the market also saw significant growth in value, which was an increase of 8.5 percent, reaching MYR12.3 billion (USD2.9 billion) from MYR11.4 billion (USD2.7 billion).
The state’s residential sector has shown significant improvement in 2021, which is consistent with Malaysia’s overall market, reported the New Straits Times.
More: Malaysia’s industrial and residential sectors expected to thrive in 2022
Johor Bahru had the most transactions recorded followed by Kota Tinggi and Pontian. A majority of the transactions in Johor Bahru consisted of two- and three-storey terrace houses.
Like its housing market, Johor’s commercial property sub-sector also saw a significant decrease in volume and value of transactions in 2020, registering declines of 22.9 percent and 28.8 percent, respectively. Two- to 2.5-storey and three- to 3.5-storey shop lots were the most popular property types, followed by vacant commercial lands.
The hospitality sector is also likely to recover this year — faster than retail, it seems.
Johor’s property market is slated for a steady recovery in 2022, should the virus outbreak be brought under control and the borders reopened successfully.
The Property Report editors wrote this article. For more information, email: [email protected].
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