Over 32,000 Completed Homes Worth RM16.37 Billion Remain Unsold As Of Q1 This Year - KPKT

KUALA LUMPUR, June 29 (Bernama) -- A total of 32,800 completed residential units, with a combined value of RM16.37 billion, remained unsold as of the first quarter (Q1) of this year.

Deputy Housing and Local Government Minister Datuk Aiman Athirah Sabu said that of the total, 15,400 units, or 46.9 per cent, were homes priced at RM300,000 and below.

“This indicates that the remaining 53.1 per cent are homes priced above RM300,000.

“The situation shows that the issue of unsold homes is not confined to affordable housing, but is also driven by a mismatch between supply and demand across various segments of the housing market,” she said during the question-and-answer session in the Dewan Rakyat today.

She was responding to a question from Datuk Willie Mongin (GPS-Puncak Borneo), who sought to know the number of unsold affordable homes, their price categories, and the actual homeownership rate among those aged 35 and below.

Aiman Athirah said the homeownership rate among low-income households in Malaysia stands at 76.3 per cent, adding that addressing homeownership challenges faced by youths and first-time homebuyers requires a more comprehensive approach.

To that end, she said the ministry is strengthening the development of an integrated national housing data repository to support more accurate, data-driven planning and policymaking.

“Through the new National Housing Policy, which is being finalised, the government is placing emphasis on providing housing that is more responsive to the needs of the people, strengthening the housing financing ecosystem, enhancing the integrated housing database, and reducing the mismatch between housing supply and market demand,” she said.

In her reply to a supplementary question from Willie on rising construction costs and building material prices, Aiman Athirah said the pricing of affordable homes is not determined solely by construction costs, but also takes into account the need to strike a balance between housing affordability for the public and the sustainability of property development by developers.

“The Housing and Local Government Ministry (KPKT) has already undertaken affordable housing mapping using median household income data by state and district, based on the Household Income and Basic Amenities Survey 2024 published by the Department of Statistics Malaysia,” she said.

She said the mapping uses the median multiple methodology to determine house price ranges that are genuinely affordable based on the purchasing power of residents in each locality.

-- BERNAMA