The real estate sub-sector comprises housing and service apartment projects under the purview of the Ministry of Housing and Local Government Development.

The real estate industry has persisted and contributed significantly to the services sector despite challenges in the past year. It accounted for almost 19% of total approved investments in 2022, and the government eliminated the Real Property Gains Tax for property disposals by citizens and permanent residents after the sixth year of purchase to further boost the industry.

According to the World Green Building Council’s 2019 Global Status Report for Buildings and Construction, buildings contribute 39% of carbon emissions globally, making ESG crucial in real estate.

Developers are taking initiatives towards constructing greener buildings and planning housing projects with advancements in innovation and technology to align with Malaysia’s 12MP target of carbon-neutrality by 2050.