KUALA LUMPUR, Sept. 23 (Xinhua) -- Malaysia's property transaction and value rose 6.9 percent and 0.8 percent year-on-year to 160,172 transactions and 68.30 billion ringgit (about 16.39 billion U.S. dollars) respectively in the first half of 2019, official data showed Monday.
According to the country's National Property Information Center (NAPIC), residential property continued to support the overall property sector with 62.4 percent market share, followed by agriculture property with 21.6 percent share.
Residential property transactions and value grew 6.1 percent and 9.5 percent year-on-year to 99,922 billion ringgit (about 23.96 billion U.S. dollars) and 34.65 billion ringgit (about 8.31 billion U.S. dollars) respectively in the first half.
Commercial property transactions increased by 20.4 percent to 12,960, but its value declined by 20.8 percent to 12.53 billion ringgit (about 3 billion U.S. dollars).
The center expects Malaysian property market to remain resilient in the second half, underpinned by the country's strong projected gross domestic product (GDP) growth in the second quarter of 4.9 percent and several government-driven initiatives to further support the market activities in the housing sector.
Malaysian government in May lowered the overnight policy rate by 25 basis points to 3 percent. It also introduced Home Ownership Campaign and other housing incentives, such as stamp duty exemption, to help the country's first-time house buyers.
