The Ministry of Finance (MoF) stated in a written parliament reply today that the comprehensive dataset compiled by National Property Information Centre (NAPIC) accurately reflects the current state of the national real estate market by quarters.
The statement was made in response towards the problem highlighted by Datuk Haji Abdul Halim Haji Suleiman regarding the categorisation of data made by NAPIC is in a general manner without accurately reflecting the real estate market situation in a particular state.
“This can potentially raise concerns among investors as they may not have access to detailed and specific information about the property market conditions in a given area.” Abdul Halim said.
NAPIC, under the Department of Valuation and Property Services (JPPH), plays a role in gathering, analysing, and disseminating real estate market data to industry players.
The data published by NAPIC covers market conditions, inventory, and status of real estate across residential, commercial (shops/office buildings/specialised commercial complexes), service apartment, industrial, agricultural, and development land subsectors, obtained from various government agencies and real estate stakeholders including developers and building managers.
“Through the collected data, NAPIC conducts cross-checks with information from the One Stop Centre (OSC) 3.0 PLUS and the Housing Integrated Management System (HIMS) under the Ministry of Housing and Local Government (KPKT).
Additionally, NAPIC conducts site visits to ensure the accuracy of the data collected. The validated data is then issued periodically, either annually or periodically.
Through these publications, NAPIC further assists various agencies, including State Governments, through presentations and committees appointed at the State level, to provide advisory services related to the real estate market.” MoF said.
Additionally, NAPIC implements Data Visualisation and Excel formats to streamline the process of analyzing real estate information for both the general public and industry stakeholders.
The data made available includes various essential metrics such as Real Estate Transaction Data, Real Estate Status Data, Real Estate Inventory Data, Price and Rental Index Data, and Open Transaction Data.
This comprehensive range of information caters to the diverse needs of investors, prospective property buyers, and sellers, offering valuable insights into the Malaysian property market landscape.
MoF said that investors and individuals involved in property transactions can leverage this data as a guiding tool to make informed investment decisions and gain a deeper understanding of prevailing property market prices across Malaysia.
