KUALA LUMPUR: The strength of Malaysia's property market recovery can be seen in both transaction volume andvalue as well as property stocks, Housing and Local Government Minister Nga Kor Ming said.

In a statement today he said, out of 100 property counters on Bursa Malaysia, about 76 counters saw an increase in share prices, 22 experienced a decrease, and 2 remained stable despite fluctuations.

"For instance, DPS Resources Bhd experienced 600 per cent growth in share price, UEM Sunrise Bhd saw a 347.06 per cent increase, and WMG Holdings Bhd also showed 326.31 per cent growth from January 2023 to June 2024," he said in a statement.

Meanwhile, in the first quarter of 2024 (1Q24), property market transactions reached RM56.53 billion, with more than 104,000 transactions, marking an increase of RM14.22 billion in terms of value.

In the first quarter of 2023 (1Q23), Malaysia's property market saw transactions worth RM42.31 billion, with over 89,000 transactions recorded.

"This significant growth indicates that Malaysia's property market is recovering well and on the rise," said Nga.

Commenting on the outlook, he added that the property market has a promising future under the leadership of Prime Minister Datuk Seri Anwar Ibrahim.

"We must work together to enhance our industry's reputation and increase the confidence level of investors to make the property market even more resilient," he added.

Nga said the nation's property market is anticipated to remain stable this year and continue its growth over the next three years, bolstered by initiatives from the Madani government as outlined in Budget 2024.

"The trajectory is expected to continue into the second half of 2024 (2H24)," he added.