Prices of residential properties in Malaysia soared by 11.2 percent in 2012 compared to the previous year, and are expected to continue to increase over the next few years, according to Bank Negara Malaysia (BNM).
Notably, the growth is more than double the 10-year average, with prices likely to increase even further due to a substantial rise in new buyers.
“Over the next few years, the increase in new house buyers is likely to continue, exceeding average growth in housing stock.”
“(This is) notwithstanding measures already announced by the government to add to new supplies, which are focused mainly on the low-to-medium priced segments,” said the central bank in its annual report.
In particular, prices of previously occupied properties in Penang, Selangor and Kuala Lumpur rose further due to a lagging supply of new affordable projects. On top of that, 80 percent of property transactions took place in the secondary market as most new developments were priced above RM1 million.
These higher priced deals also pushed up the prices in general.
“(The growth) was driven mainly by higher prices and transactions in the detached, semi-detached and luxury high-rise property segments,” it added.
Source: http://www.propertyguru.com.my/property-news/2013/3/8540/further-increase-in-home-prices-says-bnm
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