The national property market activity for Q3 of 2020 has shown a promising V-curve rebound when total property transactions more than doubled for the whole country, according to the latest statistics released by the Valuation & Property Services Department (JPPH) of the Ministry of Finance Malaysia.
In a report compiled by Raine & Horne International Zaki + Partners Sdn Bhd, the total number of property transactions in the whole country increased to 89,245 units valued at RM33.78 bil in Q3 compared to 42,609 units valued at RM18.35 bil in Q2.
This made the total transactions an all-time high in a quarter since the end of 2016.
The number of transactions had initially dropped by more than 40% in Q2 when compared to 72,867 transactions valued at RM28.58 bil in Q1 this year.
Transacted residential properties also doubled from 28,284 units valued at RM10.02 bil in Q2 to 55,845 units valued at RM19.37 bil in Q3. The number of transactions was almost similar to the high transactions pre-Covid-19 at the end of 2019.
Commercial properties recorded a total transactions of 5,652 units valued at RM4.91 bil which is also a rebound from Q2. Commercial properties had dropped from 5,020 transactions valued at RM5.08 bil in Q1 to 3,098 transactions valued at RM3.43 bil in Q2.
Similarly, industrial property transactions saw an increase from 736 transactions valued at RM2.22 bil to 1,323 transactions valued at RM3.62 bil, which is higher than the 1,244 transactions valued at RM3.19 bil recorded in Q1.
Development land transactions recorded were 5,661 units valued at RM1.98 bil in Q3 compared to 2,410 transactions valued at RM1.11 bil in Q2. Agricultural property transactions totalled 20,764 units valued at RM3.88 bil compared to 8,079 transactions valued at RM1.57 bil in Q2.
The report attributed the strong rebound to government and Bank Negara intervention, through its housing policy such as the Home Ownership Campaign, waiver of RPGT, etc.
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