{"id":62373,"date":"2024-03-26T13:55:16","date_gmt":"2024-03-26T05:55:16","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=62373"},"modified":"2024-03-26T13:55:16","modified_gmt":"2024-03-26T05:55:16","slug":"houses-unsold-q3","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/houses-unsold-q3","title":{"rendered":"More Than 25,000 Houses Left Unsold, Worth RM17.4 Billion"},"content":{"rendered":"

The Housing and Local Government Ministry revealed to the Dewan Rakyat today that the third quarter of 2023 saw a total of 25,311 houses worth RM17.4bil that were left unsold.<\/span><\/p>\n

The figure was revealed from data released by the National Property Information Centre (Napic), which showed that 19.4% of 130,753 newly launched units across the country are left unsold.<\/span><\/p>\n

According to a local news daily<\/a>, Kuala Lumpur recorded over 19% of the total unsold properties which translates to over 3,100 unsold new properties.<\/p>\n

However, the ministry did concur that the 2024 figures are still not around as Napic is still in the process of updating and reviewing the data.<\/span><\/p>\n

The unsold and overhang property problem<\/b><\/h2>\n

Answering a question from P. Prabakaran (PH-Batu), who asked for figures of unsold houses in the country and Kuala Lumpur, the ministry also added that the housing industry is a very dynamic and competitive industry with many stakeholders from all walks of life.<\/span><\/p>\n

However, this does not mean that the industry is free from issues, such as the problem of unsold units.<\/span><\/p>\n

The ministry concluded that the issue is borne from the mismatch in the housing market which is caused by the gap between demand and supply of houses.<\/span><\/p>\n

Unsold or overhang properties have long been a problem in Malaysia, and several solutions have been touted about to solve the issue.<\/span><\/p>\n

Overhang properties<\/a> are described as properties that are completed and ready for use, but remain unsold for nine months after its launch date.<\/span><\/p>\n

Although Bank Negara Malaysia has stated that the situation has shown some improvement over the years<\/a>, the number of unsold and overhang properties is still high.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dewan Rakyat was told that there are a total of 25,311 houses worth RM17.4bil left unsold as of the third quarter last year.<\/p>\n","protected":false},"author":51,"featured_media":62375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,216],"tags":[694,693,2103],"class_list":["post-62373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-news-updates","tag-affordable-housing","tag-housing","tag-unsold-properties"],"acf":[],"yoast_head":"\nHouses Worth RM17.4bil Left Unsold In Malaysia<\/title>\n<meta name=\"description\" content=\"The Dewan Rakyat was told that there are a total of 25,311 houses worth RM17.4bil left unsold as of the third quarter of 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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