PUTRAJAYA: According to the latest property market transaction data for 2019 to Q12020 by the National Property Information Centre (NAPIC), Johor has recorded the highest number of unsold completed properties in Malaysia with 5,468 units, making up 18.4% of overhang to date.
Out of these overhang units in the state, 1,711 are condominium units or apartments and 2,086 are two to three-storey terrace houses.
As compared to the same quarter in 2019 (Q12019), Johor recorded a total number of 6,057 units, of which 1,974 were condominium units or apartments and 2,160 were two to three-storey terrace houses.
Overall overhang properties recorded in Q12020 showed that there are a total of 29,698 overhang units, amounting to a total value of RM18.91 billion.
From that number, 35% of all overhang units or 10,401 units are in the RM300,001 to RM600,000 price range.
More than half of the overhang are condominium/apartment type, making up 54.7% with 16,241 units.
Perak emerged as having the second-highest overhang with a total of 4,919 units with 16.6%, followed by Selangor with a total of 4,844 units or 16.3%.
The report also revealed that the next highest was Penang accounting for 10.2% with 3,043 overhang units, and Kuala Lumpur at 8.7% with 2,584 units. Sarawak makes up 6.6% with 1,966 units and Pahang has 5.1% at 1,510 units.
The remaining states that make up less than 5% respectively and in descending order are Sabah (4.8%), Kedah (4.7%), Negeri Sembilan (3.7%), Melaka (2.3%) and Terengganu (1.7%).
The states that account for less than 1% each are Kelantan (0.5%), and Perlis (0.1%). The only place with zero overhang units is Putrajaya.
NAPIC property market division deputy director Tee Siew Bee said the overall property market was slowing down this year due to a mismatch in demand and supply for certain states/districts/ locations, types and prices.
“The residential overhang situation has continued to improve, but remains a major concern. There are fewer new launches that might help to reduce the number of overhang and unsold units,” she said during the Real Estate & Housing Developers’ Association’s (Rehda) event entitled “Selling a property successfully in the new decade – is big data & proptech the ultimate solution?”
In response to the event, MyProperty Data CEO Thor Joe Hock highlighted how big data plays an important role in the real estate industry and why transaction data needs to be analysed.
MyProperty Data is a property data, analytics and solutions provider to financial institutions, credit rating agencies, valuers, real estate agents and developers.
“Let’s look at the property transaction data and how it can be turned into something that we can use. It triggers data analytics curiosity about what the data can tell us.
“It makes us wonder what insights we can derive using the transaction data. And lastly, big data analytics helps us gain relevance and context from internal customer data and transaction data,” he said.
According to Thor, big data analytics has the capability to analyse buyer profiles and patterns.
“For instance, can Malaysians really afford to buy homes? With big data, we are able to analyse the purchasing trend for houses below RM300,000.
“Based on our data analysis, it shows that the rapid increases in property prices suggest the number of Malaysians able to afford homes may have decreased,” Thor revealed.
The analysis also showed that the transactions below RM300,000 made up 86% of total transactions in the year 2000, however, in 2009, transactions of the same price range made up only 65%.
By 2019, only 32% of total transactions were below RM300,000. The median age of buyers within this price category remained consistent, between 32-35. Additionally, inflation appears to have accelerated since the market peak of 2011.
Rehda’s event highlighted how property developers can move forward in boosting their property sales, whilst easing the process of home ownership in these tough times by embracing Big Data and PropTech.
from Free Malaysia Today https://ift.tt/2ZcniZq
via IFTTT
No comments:
Post a Comment