Malaysia's house price growth slows
By Steve Binge

Malaysia's house price growth slows

Although the value of property in Malaysia has continued to rise this year, it is at a slower pace than that recorded in 2011.

Citing figures from the country's Valuation and Property Services Department (JPPH), Global Property Guide revealed the national house price index was up by 6.1 per cent in the first quarter of 2012, compared to the same period 12 months earlier.

However, year-on-year growth in the three months from January to March in 2011 came in at 8.9 per cent.

The biggest increase in house prices was recorded in Selangor, at 8.9 per cent, while Kuala Lumpur and Pulau Pinang both posted rises above five per cent. At 0.2 per cent, Johor experienced the least growth in its market.

Data from JPPH also revealed the number of new homes being put up for sale fell by 62.3 per cent in the final quarter of 2011, compared to the same timeframe in 2010.

Earlier this month, the Star reported on proposals put forward by the National House Buyers Association to reduce real estate values, with the secretary general at the organisation Chang Kim Leong claiming unless action is taken, the country could face a "social crisis" due to a lack of affordable housing.
 
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