LAST UPDATED: Q3 2025
Demand Analysis
Transaction Volume, Buyer Composition & Structural Demand Drivers
2024 Transactions
420,525
10-Year High
NAPIC 2024
Q3 2025 Transactions
108,250
+12.5% value
JPPH Q3 2025
Primary vs Secondary
20.6% : 79.4%
H1 2025 split
Juwai IQI 2025
Loan Approval Rate
42.6%
below pre-COVID
Q3 2024 BNM
Transaction Volume Trend
State Transaction YoY Growth (Q3 2025)
Buyer Type Composition
Individual owner-occupier vs investor vs foreign (est.)
Foreign buyer share has declined since 2022 as MM2H tightened and China capital controls persist.
Loan Application vs Approval Rate
Approval rate has never exceeded 44% — a structural barrier locking out potential buyers.
Primary vs Secondary Market Split
Secondary market dominates at 79.4%, reflecting buyer preference for proven locations.
New Launch Take-up Rate (Q3 2025)
Extremely low first-day sales indicate weak primary market demand, especially for high-rise.