KUALA LUMPUR, March 15 (Xinhua) -- Malaysia's property transactions value rose 23.6 percent year-on-year to 179.07 billion ringgit (40 billion U.S. dollars) in 2022, the National Property Information Center (NAPIC) said on Wednesday.
According to NAPIC, more than 389,000 property transactions were recorded last year, up 29.5 percent year-on-year.
The residential sub-sector led the overall property market activity, with a 62.5 percent contribution in volume.
There were 243,190 transactions worth 94.28 billion ringgit recorded in the review period, increasing by 22.3 percent in volume and 22.6 percent in value year-on-year.
The commercial property segment recorded 32,809 transactions worth 32.61 billion ringgit in 2022, increasing by 46.3 percent in volume and 16.7 percent in value compared to the previous year.
The property market performance is expected to grow in line with the moderately lower economic growth projected for 2023 given the unpredictable external environment, said NAPIC.
Notwithstanding this, it said the accommodative policies, continuous government support, well execution of all planned measures outlined in the revised Budget 2023, and the proper implementation of strategies and initiatives under the 12th Malaysia Plan are expected to remain supportive of the property sector. (1 ringgit equals 0.22 U.S. dollar)