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In 2023, the average price of houses in Malaysia was at approximately ** Malaysian ringgit, an increase of nearly * Malaysian ringgit compared to the previous year. This showed a steady upward trend of the housing price since 2018.

Increase in residential transaction value

The residential real estate market in Malaysia suffered the impact of the COVID-19 pandemic and saw a significant drop in residential transaction value in 2020. Nevertheless, with demands for housing rising among Malaysians, the market quickly recovered in 2020, and the transaction value reached more than 100 billion Malaysian ringgit in 2023.

The need for more affordable housing

Despite the growth in the residential real estate industry, the continuous increase in housing prices has become a challenge for many Malaysians to afford a home. Around ** percent of Malaysians surveyed in 2024 said that they did not have enough savings to purchase a property. To address this issue, the current government introduced affordable housing schemes for the lower- and middle-income groups in June 2023.