PETALING JAYA (April 25): Agricultural property has outperformed other property sub-sectors in both transaction value and volume in 2016.
According to the Malaysian Property Market Report 2016 released by the Valuation and Property Services Department (JPPH), the agricultural sub-sector recorded 69,078 transactions worth RM14.35 billion last year, an increase of 3.6% in volume and 9.6% in value from 2015.
In terms of market share, Kedah tied with Perak as both captured more than 16% each, followed by Sarawak at 14%.
The majority of the states however, saw contractions except for Perak, Melaka, Kedah, Kelantan and Perlis.
Kedah and Kelantan recorded a marked increase as more rubber, paddy and vacant land transactions were recorded last year.
By agriculture type, rubber and paddy land transactions increased by 17.1% and 21.3% respectively.
Compared with the main sub-sectors, the residential sub-sector registered a drop of 13.9% and 10.7% in transaction volume and value last year compared with the previous year, respectively.
The commercial sub-sector saw transaction volume down by 25.3% while transaction value declined by 36.1% year-on-year.
Overall, the country recorded 320,425 property transactions worth RM145.41 billion in 2016, indicating a decline of 11.5% in volume and 3% in value.
Meanwhile, the report stated that prices in the agricultural sub-sector were mainly stable in 2016, with increases noted in selected areas with good access and improved road linkages.
Of note was vacant agriculture land at Kampung Bukit Gelugor and Ulu Sungai Santi, in Johor nearby Pengerang’s Refinery and Petrochemical Integrated Development which recorded more than 25% price increase.
There were also 58 estate land transactions worth RM3.86 billion last year. Among the prominent estate land sales dated 2016 were Ladang Shalimar along Jalan Kuala Selangor in Batang Berjuntai, Selangor; an estate land along Jalan Sungai Buaya in Bandar Mukim, Kuala Langat, Selangor; and Gadek Estate along Jalan Kemuning-Hutan Percha in Pulau Sebang, Alor Gajah, Melaka.