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Property sales rose between July and Dec 2023 but backlogs persist: Rehda

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Kuala Lumpur: More real estate developers recorded better sales in the second half of last year but over 60 per cent of the properties sold in that period were old stock, the Real Estate and Housing Developers Association (Rehda) said today, a sign that the real estate market has yet to rein in excess supply.

Kuala Lumpur: More real estate developers recorded better sales in the second half of last year but over 60 per cent of the properties sold in that period were old stock, the Real Estate and Housing Developers Association said today, a sign that the real estate market has yet to rein in excess supply.

The top reason cited for the glut of unsold units was a high rate of loan rejections, the lobby group said. Landed homes and apartments still topped the list of the most sought-after property. Over 1,600 of newly launched double- to triple-storey terrace houses were sold within the period and 1,545 from old stock. There were over 2,700 new launches in this segment between July and December.For apartments, up to 2,200 units sold were old stock, while 1,655 were new launches. The apartment segment led the number of new launches at 4,426 units.

 

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