Impressive growth chalked up in first quarter 2024
Nga: The ongoing property stock rally is expected to continue into the second half of 2024.
PETALING JAYA: The property market has a “bright future” in the coming years under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, says Housing and Local Government Minister Nga Kor Ming.
Interestingly, the minister also made a forecast that the ongoing property stock rally is expected to continue into the second half of 2024.
He said this in a statement where he noted that property stocks on Bursa Malaysia have rallied by up to 600% since the beginning of 2023.
Nga also pointed out that property transactions reached RM56.53bil in the first quarter of 2024 (1Q24), demonstrating an “impressive growth”.
Premised on investors’ bullishness on property stocks and the market appetite for properties, Nga said the local property market is expected to be stable this year.
The market is also likely to continue growing in the next three years, supported by various initiatives outlined by the Madani government under Budget 2024, he added.
“We must work together to enhance our industry’s reputation and increase the confidence level of investors to make the property market even more resilient,” the minister said.
Nga also noted that property counters in the stock market have been on the rise from January 2023 to June 2024.
Out of 100 property counters on Bursa Malaysia, approximately 76 counters experienced an increase in share price, 22 counters showed a decrease in share price and two counters maintained their share price despite fluctuations.
For instance, DPS Resources Bhd
experienced 600% growth in its share price, UEM Sunrise Bhd saw a 347.06% increase and WMG Holdings Bhd also showed a 326.31% growth from January 2023 to June 2024.
A total of 23 counters have at least doubled their share price in the period, based on data provided in Nga’s statement.
Meanwhile, the minister highlighted the impressive growth in Malaysian property transactions.
“In 1Q23, Malaysia’s property market transactions were valued at RM42.31bil, with more than 89,000 transactions recorded. In contrast, in 1Q24, property market transactions reached RM56.53bil, with more than 104,000 transactions, marking an increase of RM14.22bil in terms of value.
“This significant growth indicates that Malaysia’s property market is recovering well and on the rise,” he said.
About three weeks earlier, Nga reportedly said that the country’s property overhang was clearing up. Quoted by Bernama, Nga said that since the Madani government took office, the number of completed but unsold property units had decreased by over 40% with a drop from 37,066 units to fewer than 24,000 units.
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