BNM: Housing market activity improves heading into 2022

Some improvements in housing market activity are visible heading into 2022, although the number of unsold houses remained high at 180,702 units in the third quarter (Q3) of 2021.

进入2022年，住房市场活动将出现一些改善，尽管2021年第三季度（第三季度）未售出的房屋数量仍保持在180，702套的高位。

Disruptions caused by the pandemic partly contributed to the slower clearance of unsold housing stock despite ongoing home purchase incentives, said Bank Negara Malaysia (BNM) in its Financial Stability Review (FSR) for Second Half Review 2021.

马来西亚国家银行（BNM）在其2021年下半年金融稳定评估（FSR）中表示，尽管正在采取购房激励措施，但大流行造成的中断部分导致未售出住房库存的清理速度较慢。

Nonetheless, the high number of unsold houses continues to reflect pre-existing affordability issues, which have worsened since the onset of the pandemic as consumer incomes were affected.

尽管如此，大量未售出的房屋继续反映出预先存在的负担能力问题，自大流行开始以来，由于消费者收入受到影响，这些问题已经恶化。

In this regard, the supply-side adjustments have continued with more housing launches shifting towards lower and mid-price market segments.

在这方面，供应方面的调整仍在继续，更多的住房销售转向中低价格细分市场。

The share of property launches priced at RM500,000 and below increased significantly in the third quarter of 2021 (Q3 2021: 88.1 per cent; H1 2021: 67.7 per cent; 2015-2019 average: 65.9 per cent).

2021年第三季度，价格在50万令吉及以下的房地产发行份额显着增加（2021年第三季度：88.1%;2021年上半年：67.7%;2015-2019年平均：65.9%）。

This should help to cap a further significant increase in unsold housing stock, said BNM.

BNM表示，这应该有助于限制未售出住房存量的进一步大幅增长。

Nonetheless, the bulk of new launches remains beyond the affordable price segment, with only 35.6 per cent of new launches since 2015 priced below RM300,000, indicating further room for price and supply adjustments to improve overall housing affordability.

尽管如此，大部分新推出的产品仍然超出了负担得起的价格范围，自2015年以来，只有35.6%的新产品价格低于30万令吉，这表明价格和供应调整的空间进一步提高整体住房负担能力。

However, broader reforms to improve housing affordability remain critical to contain the debt burden of households and mitigate risks of future financial hardship.

然而，提高住房负担能力的更广泛改革对于控制家庭债务负担和减轻未来财政困难的风险仍然至关重要。

Meanwhile, market activity is expected to improve in the fourth quarter (4Q) of 2021 driven by the resumption of economic activities. Correspondingly, higher loan applications were recorded across all price segments in the second half (H2) of 2021.

与此同时，在经济活动恢复的推动下，预计2021年第四季度（第4季度）市场活动将有所改善。相应地，在2021年下半年（下半年），所有价格段的贷款申请量都有所增加。

The significant increase in loan applications in the final two months of 2021 coincided with the Home Ownership Campaign that ended on Dec 31, 2021.

2021年最后两个月的贷款申请大幅增加，恰逢2021年12月31日结束的房屋所有权活动。

Improving employment prospects and the low interest rate environment would further support housing demand.

就业前景的改善和低利率环境将进一步支持住房需求。

Demand for housing was largely driven by owner-occupiers, with 57.3 per cent (H1 2021: 55.8 per cent) of approved housing loans in the second half of 2021 granted to owner-occupiers.

住房需求主要由自住业主推动，2021年下半年，57.3%（2021年上半年：55.8%）的批准住房贷款授予自住业主。

In the commercial real estate (CRE) sector, BNM said the shift towards flexible working arrangements and the accelerated pace of digitalisation arising from the pandemic will continue to transform how physical spaces are utilised.

在商业房地产（CRE）领域，BNM表示，向灵活工作安排的转变以及大流行带来的数字化步伐的加快将继续改变物理空间的利用方式。

These trends could exacerbate existing oversupply concerns in selected CRE segments such as office and retail spaces.

这些趋势可能会加剧某些CRE细分市场（如办公和零售空间）现有的供过于求的问题。

Direct linkages between the CRE sector and financial system are largely contained, thereby substantially mitigating risks to financial stability.

CRE部门与金融体系之间的直接联系在很大程度上得到了控制，从而大大减轻了金融稳定面临的风险。

However, further progress in resolving excess supply remains important given the high multiplier effects of the construction sector on the broader economy. Large planned incoming supply of office and retail spaces continues to pose risks.

然而，鉴于建筑业对整体经济的乘数效应很高，在解决供应过剩问题方面取得进一步进展仍然很重要。计划的大量办公和零售空间供应继续构成风险。

For Malaysian real estate investment trusts (REITs), which are mostly funded by large institutional investors such as pension funds, this remained a nascent and small market, representing less than 3 per cent of total Bursa Malaysia market capitalization

对于主要由养老基金等大型机构投资者资助的马来西亚房地产投资信托基金（REITs）来说，这仍然是一个新兴的小市场，占马来西亚交易所总市值的不到3%。