Residential overhang growth almost doubles in 1H17

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PETALING JAYA (Oct 27): The residential overhang rose by 55.4% to 20,876 units valued at RM12.3 billion in the first half of 2017 (1H17), up from 13,438 units worth RM7.6 billion in 1H2016, according to the “Economic Report 2017/2018”.

Notably, the overhang in 1H16 only rose by 28.3% in 1H2016 from a year ago.

Kedah had the highest overhang at 20.9%, followed by Johor at 18.2% and Selangor at 17.6%.

“However, the property market is expected to adjust accordingly in the long-run given the robust economic prospects,” it said.