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Malaysia expects resilient property market despite overhang

Affordable housing push, steady growth likely to sustain sales momentum

According to Napic's data, there were 99,222 transactions worth 34.65 billion ringgit ($8.3 billion) in the first half of 2019, an increase of 6.1% in volume and 9.5% in value.   © Reuters

KUALA LUMPUR (Nikkei Markets) -- Steady economic growth, a fresh housing policy and incentives to boost affordable dwellings will keep Malaysia's property market resilient in the final six months of this year despite a heavy supply overhang, the government said Monday.

Measures, including extension of a state-led housing ownership campaign, are expected to sustain the sales momentum through December-end after home sales rose in both transaction volume and value in the first half of the year, the state-run National Property Information Center said in a statement. Further, a policy to rein in speculation would also help to ease the unsold supplies, the government agency said.

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