Property transaction value hit record RM179b in 2022 — Napic

• Commenting on the outlook for the property market this year, Napic director Aina Edayu Ahmad said it depends on market sentiment, especially from property developers and households.

KAJANG (March 15): Malaysia's total property transaction value hit RM179.07 billion in 2022, the highest-ever value recorded by the National Property Information Centre (Napic) since 2001.

Last year's transaction value was 23.6% year-on-year (y-o-y) higher than RM144.87 billion posted for 2021.

As for total transactions, the 2022 tally also saw double-digit growth, increasing by 29.5% y-o-y to 389,000, from 300,497 transactions in 2021, Napic said in a statement in conjunction with the release of its Property Market Report 2022.

Napic director Aina Edayu Ahmad (pictured) said the strong economic growth last year bolstered the growth in the property market.

"The homeownership campaign also helped to boost property market activities," she told a press conference.

Commenting on the outlook for the property market this year, Aina said it depends on market sentiment, especially from property developers and households.

She viewed that the current overnight policy rate (OPR) of 2.75% remains accommodative for property buyers when it comes to financing, citing that this is because the current OPR rate is still below than the pre-pandemic level of 3%.

Meanwhile, Napic said property market performance is expected to grow in line with the moderately lower economic growth projected for 2023, given the unpredictable external environment.

"Notwithstanding this, the accommodative policies, continuous government support, and execution of all planned measures outlined in the revised Budget 2023, and the proper implementation of strategies and initiatives under the 12th Malaysia Plan are expected to remain supportive of the property sector," it added.

The Ministry of Finance previously projected full-year growth in gross domestic product (GDP) to moderate to between 4% and 5% in 2023 amid global slowdown.

GDP growth stood at 8.7% in 2022 — higher than a 3.1% growth posted for 2021 — the fastest full-year growth in 22 years, and surpassing the government's forecast for 6.5% to 7%.