He said the positive growth trend was driven by higher transaction values in all sub-sectors.

“These include residential (7.1%), commercial (17.5%), industrial (13.1%), agriculture (4.6%), and development land and others (13.8%), compared to 2022,” he said when launching the valuation and property services department’s real estate market report 2023 here today.

Amir said the number of completed residential properties that remained unsold had also declined, amounting to 26,000 units with a value of RM17.7 billion in 2023.

This is a decrease from nearly 28,000 units worth RM18.41 billion in 2022, he said.

“The positive development in the property market, driven by measures in the 2024 budget, aligns with the positive economic outlook for 2024,” he said.

Amir also expressed confidence that the property sector would maintain its momentum of recovery with government support.

“The government, through the 2024 budget, continues to provide continuous injections and initiatives for the development of the country’s property sector,” he said.

He said these efforts include a full stamp duty exemption on ownership transfer documents for first-home purchases up to RM500,000 effective until December 2025, as well as improving the flexibility of application requirements for the Malaysia My Second Home programme.