Negeri Sembilan: Residential property transaction trends in 2021

March 24, 2024
Malaysia


 Median transacted prices in Negeri Sembilan have risen steadily from RM240,000 in 2019 to RM285,000 in 2020 and RM327,500 last year. 

Transaction volume, however, declined 17% amid the pandemic in 2020, but grew by 35% last year despite two nationwide lockdowns. 

The spike in demand demonstrates keen interest in Negeri Sembilan’s offerings, as buyer demands shifted away from commute times to bigger property sizes and prices per square foot. 

Leading the list of Negeri Sembilan’s most transacted areas is the capital city of Seremban. Modern landed properties here, in both the primary and secondary markets, start well below the RM500,000 mark. 

Despite being announced as a city in 2020, median prices in Seremban are still among the lowest in the state, rising 18.71% to RM330,000 in 2021 from RM278,000 the previous year. 

The volume of transactions in the area increased by 39% last year compared with 2020, and has matched pre-pandemic levels. 

In terms of distance, Nilai is closer to KL compared with Seremban, and further benefits from its proximity to the Kuala Lumpur International Airport. 

There is healthy demand in the rental market for student accommodation as Nilai is home to renowned higher-education establishments such as Inti International University, Manipal International University, Nilai University, and Universiti Sains Islam Malaysia. 

The township is packed with amenities such as supermarkets, shopping malls, and entertainment centres to serve the international student population. 

Median transacted prices grew by a whopping 115.38% from RM130,000 in 2019 to RM280,000 in 2020. 

However, this may partly be attributed to the purchase of fewer but more expensive properties, as the volume of transactions dropped by almost 60% in 2020 compared with the year prior. 

Last year, median transacted prices here increased by 43% from RM280,000 in 2020 to RM400,000, while the volume of transactions actually grew by 35%. 

Third on the list is Port Dickson, which is often seen as a tourist attraction and the ideal spot for a holiday home. 

The median transacted price of a house here was RM220,000 in 2019 but, owing to the pandemic and travel restrictions, dropped 11% to RM195,000 in 2020. Transaction volume plummeted by 79%. 

Yet, despite two iterations of the movement control order last year, transaction volume grew 65% and median prices rose to RM255,000. 

A reasonable deduction for the spike in demand is that perhaps more Malaysians were inspired to live near their favourite holiday destination amid work-from-home policies. 

Alternatively, more investors could have opted to capitalise on a good bargain as the pandemic decimated the tourist-driven economy. 

Next on the list is Jimah - a small town in the Port Dickson district, known for hosting the Jimah East (Tuanku Muhriz) Coal Fired Powerplant, which started commercial operations in August 2019. 

A second unit was fully operational in December that year, which is perhaps the reason behind the spike in transaction volume of 109% in 2020 compared with 2019. 

Last year, transaction volume decreased marginally by 3%, and median prices only rose 1.25% to RM363,000. 

Approximately 16km south of Seremban lies the small town of Rantau, home to landed public-housing schemes such as PPR Rantau and PR1MA homes in Bandar Ekar. 

Despite being the fifth-most transacted area in the state, the volume of transactions here dropped by 11% last year and 34% in 2020. 

Median transacted prices, however, increased by 15% to RM412,000 last year from RM358,300 in 2020. 

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