Subsale Residential Property Transactions To Increase This Year, Says Iproperty.com.my

KUALA LUMPUR, May 2 (Bernama) -- Online property marketplace iProperty.com.my, which is part of PropertyGuru Group, expects the volume of subsale residential property transactions to increase this year.

PropertyGuru Malaysia country manager Sheldon Fernandez said demand for high-rise units costing roughly RM500,000 could continue to rise in Selangor and Penang.

“With the recently announced full stamp duty exemptions for first-time homebuyers, we hope there will be steady movement in subsale market activity as homebuyers take advantage of these financial incentives," he said in a statement today.

First-time homebuyers can benefit from full stamp duty exemption for houses valued at RM500,000 and below until end-2025 and a 75 per cent stamp duty exemption rate for houses valued from RM500,001 to RM1 million until Dec 31,  2023.

iProperty.com.my said terrace houses at Taman Tun Dr Ismail in Kuala Lumpur, Bukit Sentosa, Serendah in Selangor, Bandar Tasek Mutiara, Simpang Ampat in Penang and Taman Universiti, Skudai, Johor were among the best-selling subsale residential properties in the four major Malaysian states -- Kuala Lumpur, Selangor, Penang and Johor. 

They include condominium properties at Seni Mont Kiara, Mont Kiara, Kuala Lumpur; Sg Long Residence, Selangor and service residences at The Tamarind, Tanjong Tokong, Penang.

It said these landed and high-rise projects recorded the highest number of transactions between July 2021 and June 2022, citing these properties provide key insights into consumers' buying preferences during a period of post-pandemic economic recovery in Malaysia.

Fernandez said most of the best-selling properties during this period bear freehold titles. 

“The property transaction volume in the subsale residential property market was particularly encouraging for Selangor and Johor's landed properties, with built-up sizes of above 1,100 square feet. 

“In addition, specific best-selling properties in Kuala Lumpur are equipped with excellent facilities in a tranquil and green environment, showing that livability is a factor for homebuyers. Meanwhile, landed homes continue to dominate in Johor,” he added.

-- BERNAMA