Nga Kor Ming says property transactions rise steadily; govt scheme boosts first-home ownership
KUALA LUMPUR: Malaysia’s property market continues to grow at a steady pace, with no signs of a bubble, according to Housing and Local Government Minister Nga Kor Ming.
He said total property transactions have improved consistently over the past three years, reflecting healthy market conditions rather than speculative activity.
“At this stage, the total transaction value in Malaysia’s property market has been climbing steadily, from RM196.8 billion in 2023, to RM232.3 billion in 2024,” he said at 2026 Malaysia Economy forum here at KLCC today.
Nga added that he hopes the transaction value will exceed RM250 billion in 2026.
The homeownership rate in Malaysia currently stands at 76.5%, according to the Department of Statistics Malaysia. This surpasses other developed countries including Australia, United Kingdom, United States and Germany.
To further boost homeownership, Nga said the government’s priority is to raise income levels, adding that direct price controls are not feasible in a free market.
“The government under the leadership of PMX Datuk Seri Anwar is actively attracting more foreign direct investments into the county.
The World Bank predicts that Malaysia will become a high-income nation by 2028, with a GNI per capita of US$14,000 or more. This will allow more people to be able to afford homes,” he said.
“From a buyer’s perspective, if the value of the property you bought does not go up and depreciates instead, you will most likely be in a state of despair. What we need is healthy appreciation, not depreciation, neither skyrocketing prices which is a speculative growth,” he said.
In terms of financial support, Nga reiterated that the government has introduced the RM40 billions Housing Credit Guarantee Scheme to help more Malaysians purchase their first homes.
He also urged all banks to participate in the scheme to further improve access to homeownership.
“ To date the SJKP scheme has helped more than 97,750 people owning their first home and we hope more Malaysian will be benefitted from this scheme guaranteed by the govt.” Nga added.
The malaysia Economy forum is officiated by Prime Minister Datuk Seri Anwar Ibrahim, Nga is among the prominent panel speaker at this annual prestigious event.
