Malaysia’s property market continues to expand at a steady and sustainable pace, with total transaction value projected to exceed RM250 billion this year, according to Housing and Local Government Minister Nga Kor Ming.

Nga said the market has recorded consistent growth over the past three years, with transaction values rising from RM196.8 billion in 2023 to RM232.3 billion in 2024. He emphasised that the upward trend reflects healthy market fundamentals rather than speculative activity, noting that there are no signs of a property bubble forming.

Data from the Department of Statistics Malaysia shows that Malaysia’s homeownership rate currently stands at 76.5%, surpassing that of several developed nations, including Australia, the United Kingdom, the United States and Germany.

To further improve access to homeownership, Nga said the government is focusing on raising income levels instead of implementing direct price controls, which he said are not practical in a free market environment. He added that the government under Prime Minister Anwar Ibrahim is actively attracting foreign direct investment to support economic growth and wage expansion.

Looking ahead, Nga cited projections by the World Bank, which forecast Malaysia becoming a high-income nation by 2028, with gross national income per capita reaching US$14,000 or more. This, he said, would enable more Malaysians to afford homes.

Nga also stressed the importance of balanced price movements, saying property values should appreciate at a healthy pace without excessive spikes that could fuel speculation or depreciation that would hurt buyers.

On financing support, he reiterated the government’s RM40 billion Housing Credit Guarantee Scheme (SJKP), which aims to help first-time homebuyers. To date, the scheme has enabled more than 97,750 Malaysians to purchase their first homes, with calls for broader bank participation to widen its reach.

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