The real estate market in Malaysia is constantly evolving, with new trends and data emerging each quarter. According to Juwai IQI’s latest report, the average price for a new apartment in Malaysia in the first quarter of 2024 was RM582,887, while the average subsale sales price stood at RM521,614. These figures represent a slight increase from the previous year, as reported by the National Property Information Centre (Napic) in 2023, which recorded an average price of RM467,144.
One of the key findings of the report is that Kuala Lumpur remains the most expensive property market in the country. The average subsale home price in the capital city is RM801,557, while new homes are more affordable, with an average price of RM708,462. Following Kuala Lumpur, the three most expensive states for subsale homes are Sarawak, Sabah, and Johor, while Johor, Sabah, and Kedah are the next three most expensive states for new home sales.
On the other end of the spectrum, Terengganu is identified as the least expensive state for subsale homes, with an average price of RM293,714. This is followed by Perak, Kedah, and Pahang. In terms of new units, Malacca takes the title for the least expensive state, with an average price of RM305,463, followed by Pahang, Perak, and Kelantan.
Despite the varying price points across different states, the report highlights that most home purchases in Malaysia fall within the lower price ranges. Over half of new unit buyers are paying around RM500,000, with a quarter of buyers spending more than RM750,000 for their new unit in Q1’24. Similarly, in the subsale market, nearly half of buyers are purchasing homes priced at RM500,000 or below.
This distribution of home purchases indicates a healthy balance in the market, with ample supply catering to buyers at all price points. It is encouraging to see that affordable housing options are available for medium- and low-income earners, ensuring that there is a diverse range of housing choices for buyers in Malaysia.
Overall, the residential sales market in Malaysia continues to show resilience and adaptability, with prices reflecting the demand and supply dynamics in different states. As the real estate landscape evolves, it is essential for buyers and investors to stay informed about the latest trends and data to make informed decisions in the property market.