Average KL price of new apartment hits RM582,887, surpasses national average — Juwai IQI

• “After KL, the three most expensive states for sub-sale homes are Sarawak, Sabah and Johor. The next three most expensive states for new home sales are Johor, Sabah and Kedah,”

KUALA LUMPUR (April 30): The average price for new apartments in Kuala Lumpur (KL) has surged to RM582,887, which is seen as surpassing the national average and setting a new benchmark in the industry, according to the real estate technology group Juwai IQI.

Meanwhile, the average sub-sale price of houses across Malaysia in the first quarter of 2024 was RM521,614, Juwai IQI said. Both average prices of new apartments in KL and the sub-sale price of homes in Malaysia were slightly higher than the average National Property Information Centre's  (Napic) price of RM467,144 in 2023, Juwai said.

New homes in KL are more affordable with an average price of RM708,462, as compared to sub-sale homes in KL with an average price of RM801,557, said Juwai IQI co-founder and group chief executive officer Kashif Ansari in a statement on Tuesday.

“After KL, the three most expensive states for sub-sale homes are Sarawak, Sabah and Johor. The next three most expensive states for new home sales are Johor, Sabah and Kedah,” he said.

Terengganu is the least expensive place for sub-sale homes, with an average price of RM293,714, followed by Perak, Kedah and Pahang.

Melaka, on the other hand, was the least expensive for new units with an average price of RM305,463, followed by Pahang, Perak and Kelantan.

“Most purchases occur in the lower price ranges. Just over half of new unit buyers paid RM500,000 or less in the first quarter (of 2024). Only about one-quarter of buyers paid more than RM750,000 for their new unit. In the sub-sale market, you see a similar distribution, with nearly half of buyers spending RM500,000 or below,” he said.

Meanwhile, the average interest rate for a new housing loan was 4.2% at the end of year 2023, Kashif said, citing Bank Negara Malaysia (BNM).

“If a buyer puts down RM30,000 on a RM300,000 home, their monthly mortgage expense would be RM1,228 per month. That makes buying an affordable home significantly cheaper than the average rental, which is RM1,975. Buying an affordable home would save you RM747 per month, compared to paying the average rent,” he added.

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