Property transactions to top RM100b in 2011

Property transactions are expected to exceed RM100 billion in worth this year from RM96.77 billion in the first 11 months of last year, said Director General of Valuation and Property Services Department, Datuk Abdullah Thalith Md Thani.

He also said the recovery of the economy has reinvigorated the overall property market with the residential property sub-sector remaining the main mover of the property market.

The value of transactions in the residential sector between January and November last year rose 7.6 per cent to RM222.29 billion taking up 60.2 per cent share of the volume of property transactions, he said during a press conference here today on the upcoming 4th Malaysian Property Summit 2011.

The transactions of commercial properties rose 21.3 per cent while that of industrial properties went up 25.6 per cent, agriculture 17.9 per cent and development land 24 per cent.

In the residential property sub-market, the major states recorded positive growth with the city of Pulau Pinang recording the highest rate of 9.7 per cent followed by Kuala Lumpur at 8.2 per cent and the state of Selangor with 7.2 per cent growth.

By Bernama