KUALA LUMPUR, Dec. 28 (Xinhua) -- Analysts have foreseen Malaysia's property sales to improve in 2024, underpinned by better economic outlook and the development of mega infrastructure projects.

AmInvestment Bank said in its recent report that it expects a gradual recovery in property transaction volumes and brighter sentiments in the sector in 2024 aided by an estimated gross domestic product growth of 4.5 percent, job recoveries, revivals of mega infrastructure projects and government initiatives to develop Johor state, which borders Singapore.

The average earnings are forecast to grow 27 percent in 2024, driven by accelerated progress billings due to the easing of labor shortages. The property market is also anticipated to see a gradual easing of oversupply conditions and improvement of investor sentiments.

According to RHB Investment Bank Research, Malaysia's property sales are expected to grow 10 to 15 percent next year.

It said the aggregate property sales value growth of 9 percent in the first nine months this year as compared to the same period last year, suggesting a healthy demand for property locally.

The easing of requirements for Malaysia My Second Home (MM2H) program, are also expected to drive foreigners' purchase of properties in Malaysia, the RHB research house added.

For 2024, Affin Hwang Investment expects developers to sustain the strong sales momentum registered in 2023, propelled by more aggressive launches, especially with a strong demand for landed residential properties in mature areas as well as industrial properties.

It also said Malaysia's property sector sentiment is positively impacted by favorable developments on the Kuala Lumpur-Singapore high-speed rail and Penang light rail transit projects.

Although banks remain strict in lending, it expects higher loan approvals on the back of a better economic outlook and wage growth in 2024. Enditem

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