House Price Index Climbs 6.5%
The Malaysian House Price Index climbed as it grew 6.5% to 18.74 points in 2017 from 176.1 points in 2016, said the Malaysian Property Market Report 2017.
The report, published by the Valuation and Property Services Department, said the rise was mainly driven by the Terraced House Price Index (THPI).
According to the report, THPI saw an annual increase of 8.6% last year, the highest among the four residential property types. The other three property types are high-rise homes, detached houses and semi-detached houses. Their price indices were up 5.3%, 4.3% and 4.4% respectively.
However, the report added that THPI growth rate slowed since 2015, when it rose only 6.9% and then slightly increased by 7.4% in 2016.
As for states, Selangor took pole position with an annual increase of 7.6% in its housing price index, followed by Kuala Lumpur where the index grew by 7.3%.
Also, the housing price indices of the other two major states – Johor and Penang recorded a growth of 6.6% and 5.2% respectively.