Property market sees continued softening

KAJANG: The property market continued to soften in 2016, recording a fall in both volume and value of transactions with almost all sub-sectors recording decline in market activity.
According to the Property Market Report 2016 launched by the Valuation & Property Services Department (JPPH) today, transaction volume fell 11.5% to 320,000 while transaction value fell 3% to RM145.41 billion last year.
The residential sub-sector continued to drive the overall market with 63.4% contribution in volume and 45.1% in value. Affordable houses continued to be in demand with over 65% of residential transactions being in the RM300,000 and below range.
All sub-sectors recorded lower transaction volume last year, declining between 13.9% and 25.3%, except for the agriculture sub-sector which recorded 3.6% increase in transaction volume.
In terms of value, all sub-sectors saw increases of between 0.4% and 9.4%, except for the residential sub-sector which saw a 10.7% drop.
JPPH has also widened the scope of its data sharing services to include rental data sales, which is available at JPPH Kuala Lumpur and JPPH Shah Alam now, and will subsequently be made available at all JPPH branches nationwide.