Baku. TurkicWorld:

Malaysia's property transaction value broke a new record in 2023, rising 9.9 percent year on year to 196.83 billion ringgit (41.6 billion U.S. dollars), TurkicWorld reports.

The National Property Information Centre (Napic) said in a statement that the Property Market Report 2023 by the Valuation and Property Services Department showed that the number of property transactions also recorded a positive growth of 2.5 percent to 399,008 in 2023, compared to 389,107 last year.

The positive growth trend is driven by a higher increase in transaction value in all sub-sectors namely residential, commercial, industrial, agriculture and development land and others.

"The momentum of the property market will continue to be supported through Budget 2024 measures related to affordable housing and first home financing towards generating a stronger economic performance for the year 2024," the country's Second Finance Minister Amir Hamzah Azizan said. (1 ringgit equals 0.21 U.S. dollar)