The property market recorded a marginal decline in the first half of 2018, both in terms of transaction and in value, while there was an increase in the overhang of condominiums/apartments priced between RM500,000 and RM1mil.

The Valuation and Property Services Department, a unit of the Ministry of Finance, said on Thursday there were 149,889 transactions worth RM67.74bil, recording a decrease of 2.4% and 0.1% compared to a year ago.

In the previous corresponding period, there were 153,526 transactions worth RM67.83bil.

In its preliminary property market 2018 briefing, it said on the demand side, mixed trends were also seen in the indicators of residential and non-residential.

"Total amount loans applied for the purchase of residential property in the first half of 2018 fell by 3.1% from a year ago while approved loans fell by 0.2%.

"However, the situation differed for the purchase of non-residential property where loans applied for and approved indicated an increase of 14.2% and 6.6% respectively," it said.

The department said in the challenging market condition, the number of new residential launches fell by 7.1% to 37,723 units in the first half of 2018 compared with 40,815 units a year ago.

"Slow market absorption led to the increase in residential overhang totalling 29,277 units worth RM17.24bil, an increase in volume by 16.1% and 10.2% in value.

"Majority overhang units were condominiums/apartments priced between RM500,000 and RM1mil," it said.