The number of unsold homes in Malaysia increased in the first three months of 2015, with only 40 percent of new units launched finding buyers, reported The Star, citing the Real Estate and Housing Developers Association (Rehda).
A Rehda survey revealed that 10,877 units were launched in Q1. Of these, 10,550 were housing units and only 4,373 units were sold.
The survey also found that the number of unsold units increased to 78 percent in the first half of 2015 from 64 percent in the last half of 2014. The unsold units are mainly located in the states of Johor, Selangor, Penang and Kedah, and mostly within the RM500,001 to RM1 million price range.
“Unreleased bumiputra lots and loan rejections by banks are the top reasons for the unsold units,” said Rehda president Datuk Seri Fateh Iskandar Mohamed Mansor.
He noted that the percentage of potential buyers who failed to obtain loans rose to 35 percent in H1 2015 from 29 percent in the second quarter last year.
The loans rejected were mostly for residential properties priced from RM250,001 to RM500,000 and those from RM700,001 to RM1 million, he added.
Mangalesri Chandrasekaran, Editor at PropertyGuru Malaysia, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
