In the second quarter of 2023 (Q2 2023), Malaysia has seen a 5.3% decrease in the number of unsold houses, totaling 26,286 units valued at RM18.3 billion, according to data from the National Property Information Centre (Napic). This decline reflects ongoing efforts to manage the issue of unsold properties in the country.
Addressing the Unsold Houses Issue:
- The Malaysian government has initiated measures to control the problem of unsold houses, including the development of the Affordable Housing Index.
- The index, based on median income by state and district, offers guidance to developers and housing agencies in setting appropriate house sale prices according to local income levels.
- Developers are encouraged to conduct feasibility studies before commencing projects to ensure housing affordability and minimize the risk of unsold inventory.
Housing Big Data Analytics System:
- The Ministry of Local Government Development is working on the Housing Big Data Analytics System, which will serve as a centralized reference source for housing-related data.
Housing Credit Guarantee Scheme (SKJP):
- Since its inception in 2008, the Housing Credit Guarantee Scheme (SKJP) has approved 30,841 loan applications worth RM5.85 billion as of September 30, 2023.
- The government, through Budget 2024, has proposed an additional RM10 billion in guarantees to benefit 40,000 borrowers.
- The scheme provides financing with a limit of up to RM500,000 for first homes, covering principal financing, Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT), as well as legal and appraisal fees.
The decrease in unsold houses, along with these government initiatives, reflects ongoing efforts to promote housing affordability and address the challenge of unsold properties in Malaysia.