The transactions involved 337,990 properties as compared with the 340,240 valued at RM88.34 billion in 2008, said the director general of Valuation and Property Services Department, Finance Ministry, Datuk Abdullah Thalith Md Thani.
He said the challenging economic and financial environment had affected the performance of the Malaysian property market last year.
"This year will be a good year for all. The property market for this year will improve as the number of transactions involving new housing and construction activities, increases," Abdullah Thalith told reporters at the Third Malaysian Property Summit 2010, in Kuala Lumpur yesterday.
He pointed out that Malaysia is expected to steer towards a recovery path this year, driven primarily by domestic demand, with commodity prices for rubber, crude oil and palm oil also improving.
These, he said, will help to increase the confidence level among consumers and provide a positive impact for the property sector.
"The demand for properties is returning," he added.
Abdullah Thalith said the government would continue to implement appropriate measures to restore confidence and market sentiment.
He said the liberalisation of Foreign Investment Committee (FIC) guidelines, would lift the competitiveness of Malaysia, as an investment destination.
Furthermore, Abdullah Thalith said, acquiring properties in Malaysia would be even more attractive, as the FIC approval is no longer required.
He said the review of the Real Property Gains Tax would augur well for the property industry.
By Bernama
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