However, it is unlikely that prices and rentals will plunge in the coming years, said Valuation and Property Services Department, Ministry of Finance in its report released today.
The department said the residential sector is expected to gain from several measures under the Budget 2009.
For 2008, the property market recorded 340,240 transactions valued at RM88.34 billion, it said.
The transaction volume recorded 9.9 per cent increased from 309,455 transactions while value grew by 14.5 per cent from RM77.14 billion.
During the year, the primary market did not perform as well as the previous year as there were 48,830 new housing units offered for sale, of which only 21,725 units taken out.
In tandem with the dismal performance of the primary market, the number of residential overhang increased by 9.1 per cent to 26,029 against 23,866 units in 2007.
The report was launched by Deputy Finance Minister Datuk Wira Chor Chee Heung.
By Business Times
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