Malaysia’s average new apartment price hits RM582,887 in 1Q

KUALA LUMPUR: The average price for a new apartment in Malaysia reached RM582,887 in the first quarter of 2024 (1Q 2024) while the average subsale sales price at RM521,614, according to real estate technology group Juwai IQI.

Its co-founder and group chief executive officer Kashif Ansari said these average prices are slightly higher than those reported by the National Property Information Centre (Napic) for 2023, which was valued at RM467,144.

“We believe the difference lies in the mix of properties tracked and in the slightly different timeframe,” he said in a statement in conjunction with the release of Juwai IQI’s 1Q 2024 Residential Sales Market Report for Malaysia yesterday.

The report is based on the analysis of more than 70,000 residential sales in the subsale and new project markets across Malaysia since 2018.

Kashif highlighted that Kuala Lumpur holds the title for the most expensive property in the country, with an average subsale home price of RM801,557, while new homes are comparatively more affordable, with an average price of RM708,462.

“After Kuala Lumpur, the three most expensive states for subsale homes are Sarawak, Sabah, and Johor.

“The next three most expensive states for new home sales are Johor, Sabah, and Kedah,” he said.

We believe the difference lies in the mix of properties tracked and in the slightly different timeframe.

Kashif Ansari

Kashif noted that Terengganu is the least expensive state for subsale homes, with an average price of RM293,714, followed by Perak, Kedah, and Pahang.

Melaka was the least expensive state for new units, with an average price of a new home at RM305,463, followed by Pahang, Perak and Kelantan.

Meanwhile, Kashif highlighted that most home purchases occur in the lower price ranges, with just over half of new unit buyers paying RM500,000, and onequarter of buyers paying more than RM750,000 for their new unit in 1Q 2024.

“In the subsale market, you see a similar distribution, with nearly half of buyers spending RM500,000 or below. It is good news that affordable home buyers can find appealing homes to buy.

“That means the market is supplying an abundance of housing for medium- and low-income earners and is well-balanced with ample supply catering to buyers at all price points,” he added. — Bernama