Selangor has recorded the highest number of unsold completed residential properties in the first quarter of 2023, with 4,995 units valued at RM4.47 billion. This accounts for 18.6% in terms of quantity and 24.5% in terms of value compared to the overall Malaysian market.
Unoccupied homes in Selangor
Other states with significant unsold properties include Johor (4,759 units worth RM3.94 billion), Kuala Lumpur (3,423 units worth RM3.13 billion), and Penang (3,138 units worth RM2.48 billion). However, there has been a positive trend overall, with a decrease to 26,872 units worth RM18.31 billion during the first quarter of 2023.
Abdul Razak Yusak, the Director-General of Valuation and Property Services, highlighted the importance of addressing the unsold properties in the private special-purpose buildings and business complexes segment, particularly in Kuala Lumpur and Selangor, urging developers and local authorities to exercise caution in planning new projects.
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