Property sector to see slight improvement in 2017

Lee said the gross domestic product (GDP) was expected to grow by between four and five cent next year, which would be slightly better than this year's estimated growth of four and 4.5 per cent.

"As Malaysia is an open economy, we are following the global economic movements as well," he told reporters after launching the Lavile Condominium, a resort-styled residence here today.

Lee said with the projection that the country's GDP would improve next year on the back of the increasing commodity prices, such as oil and gas, the property market would also likely to follow suit.

Statistics from the National Property Information Centre showed that from January to September 2016, property transactions value in Kuala Lumpur fell by 19.1 per cent year-on-year to RM2.05 billion.

For the same period, the sector also saw its volume dropped 22.3 per cent to 2,599 units from 3,347 units recorded in the same period last year.

"The residential segment dominates the market, taking up 49.6 per cent of total transaction volume, followed by two- to three-storey terraced-houses (13.7 per cent), low-cost flats (11 per cent) and flats (10.9 per cent)," it said.

Earlier, Lee said, it was estimated that at least 941,446 units of strata properties, including condominiums and apartments, would be completed nationwide by year-end.

"The number is growing yearly and the trend now is more towards quality living.