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By Jason Lim, REN 84424 · IQI Realty · Checked on 14 November 2026
NAPIC, the National Property Information Centre under the Valuation and Property Services Department (JPPH), publishes Malaysia’s official property statistics. Its “overhang” figure counts only one thing: new residential units that have their Certificate of Completion and Compliance (CCC) and are still unsold more than nine months after launch. It does not count empty subsale homes, unlet investor units or, importantly for Johor, serviced apartments, which NAPIC reports separately under commercial property.
Quick answer
- Overhang: completed new units with a CCC, unsold more than nine months after launch: developer stock, not empty homes.
- Serviced apartments are separate: NAPIC counts them under commercial property, so check both tables.
- Johor, first half of 2026: 4,222 unsold completed homes and 9,946 unsold completed serviced apartments, the highest of any state in both (JPPH, via Malay Mail, September 2026).
- Scale: Johor had 928,421 existing homes in 2024 and a residential overhang of 2,964 units, about 0.3% of the stock (NAPIC Southern Region report 2024, my calculation).
- House Price Index: the Malaysian House Price Index uses 2010 = 100. Johor’s preliminary 2025 reading was 303.1, with an average price of RM472,977.
- Use it as context: state figures describe a market, not one building.
What NAPIC is and what it publishes
NAPIC is part of JPPH, which sits under the Ministry of Finance. Developers must report applications, sales and construction progress to it, and refusing or giving false information is an offence under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (NAPIC FAQ). Its main publications:
- Property Market Report (half-yearly and annual): transactions, prices and supply by state and region.
- Property Market Status Report: launches, sales performance and unsold units.
- Property Stock Report: existing, incoming and planned supply.
- Malaysian House Price Index (MHPI) and quarterly snapshots, with “P” marking preliminary figures.
Summary reports can be downloaded from the NAPIC website. Detailed transaction records are a separate service for registered valuers, appraisers and estate agents, according to NAPIC’s FAQ; you can check an agent’s registration first.
First-half 2026 figures were released on 10 September 2026 and first-quarter figures in May 2026, so official numbers trail the market by a few months, and preliminary figures can change.
The key NAPIC terms in plain English
| Term | What it means | What to remember |
|---|---|---|
| Overhang (unsold completed) | Residential, shop and industrial units with a CCC (or a temporary equivalent), unsold more than nine months after launch. Covers units launched from 1 January 1997. | Only developer stock. Units that were sold but sit empty are not counted. |
| Unsold under construction | Units with approved building plans, being built, and unsold more than nine months after launch. | Tomorrow’s overhang if they stay unsold at completion. |
| Unsold not constructed | Units with approved building plans, not yet built, unsold more than nine months after launch. | Developers can still delay or re-plan these. |
| New launches | Units formally put on sale with an advertising and sales permit during the period. Soft launches are not counted. | Shows how much new supply developers are offering. |
| Sales performance | Units sold as a percentage of units launched. | A low figure means many launched units were still unsold at the cut-off date. |
| Existing stock | Completed units already standing. | The base to compare the overhang against. |
| Incoming supply | Units under construction. | Expected to add to existing stock over the next few years. |
| Planned supply | Units with building-plan approval where construction has not started. | Less certain; some projects never start. |
| Transactions (volume and value) | Number and total value of property transfers recorded in the period. | Shows market activity; it is a different measure from launches and sales performance. |
A unit counts as sold even if the buyer later leaves it empty. So the overhang measures developers’ unsold completed stock; it is not a vacancy rate and says nothing direct about rents.
Why serviced apartments change the Johor picture
Many Johor Bahru high-rise homes are serviced apartments on commercial land, which NAPIC reports under commercial property, outside the residential overhang. In Johor the difference is large: in the first half of 2026 the state had 4,222 unsold completed homes but 9,946 unsold completed serviced apartments, valued at about RM6.29 billion (Malay Mail, September 2026; The Star, November 2026, citing NAPIC).
If you are looking at a serviced apartment, that table describes your segment. Supply is large too: NAPIC data cited by The Star in July 2026 showed about 108,863 existing serviced apartments in Johor in the first quarter of 2026, with 41,832 more incoming and 18,712 planned. My guide to serviced apartment titles and costs explains how commercial titles affect bills and loans.
Johor’s numbers at a glance
| Measure (Johor) | 2024 | H1 2025 | H1 2026 |
|---|---|---|---|
| Residential overhang (units) | 2,964 | 3,209 (about RM2.76 billion) | 4,222 |
| Serviced apartment overhang (units) | 11,007 | 9,323 | 9,946 |
| Residential unsold under construction (units) | 6,245 | n/a | n/a |
| Residential unsold not constructed (units) | 834 | n/a | n/a |
| Residential new launches (units) | 14,147 (full year) | 5,401 (highest of any state) | 6,697 (second after Selangor) |
| Existing residential stock (units) | 928,421 | n/a | n/a |
| Residential incoming / planned supply (units) | 36,121 / 45,462 | n/a | n/a |
| Residential transactions | 42,565 worth about RM20.64 billion | n/a | n/a |
Nationally, the overhang was 33,094 units worth RM17.78 billion in the first half of 2026, up 8.6% in units from 30,471 in the second half of 2025, while unsold serviced apartments rose to 23,375 units. Of the unsold homes, 37.3% were priced at RM300,000 or below, high-rise units made up 43.4% and terraced houses 34.9%, and 38% had been launched six to ten years earlier (Malay Mail, September 2026). Johor’s 2024 sales performance for new launches was 53.2%.
Looking at a specific Johor project?
Send me the project name and I’ll explain what the official data and recent transactions show for it.
WhatsApp JasonHow to read the overhang without over-reading it
1. Compare it with the stock, not just last year
A rise from 3,209 to 4,222 units sounds large, but against more than 900,000 existing homes it is a small share. A ratio from the same period tells you more than a headline change.
2. Look at the pipeline
Unsold under construction and not constructed show what may come next; incoming and planned supply show how many units will compete for buyers and tenants. Nearby supply matters more than the state total; my guides to buying in a new township and checking the local plan cover how to see what is planned around a site.
3. Divide value by units, carefully
Dividing overhang value by units gives a rough average. Johor’s H1 2025 residential overhang works out at about RM861,000 a unit (RM2.76 billion over 3,209 units, my calculation), well above the national H1 2026 average of about RM537,000. A hint that Johor’s unsold homes lean to higher price bands, but averages hide a wide mix.
4. Remember what is not counted
| The overhang does tell you | The overhang does not tell you |
|---|---|
| How many completed new units developers still hold | How many homes are empty or unlet |
| Which states and housing types have the most unsold completed stock | The condition or demand in one particular building |
| Price bands of unsold units, in the national breakdown | What a unit will sell or rent for in future |
| How long unsold stock has been on the market, in the national breakdown | Subsale listings or owners trying to sell |
Reading the Malaysian House Price Index
The MHPI uses 2010 as its base year, so an index of 303.1 means prices measured by the index are about three times their 2010 level. The “average price” in the same report is NAPIC’s published figure for that state or house type; it is not the price of any particular home. Latest official readings:
| Area (all houses) | 2024 index / average price | 2025 (preliminary) index / average price |
|---|---|---|
| Johor | 283.5 / RM442,425 | 303.1 / RM472,977 |
| Malaysia | 227.3 / RM490,313 | 233.1 / RM502,922 |
A state index mixes cheap and expensive areas, so it tells you little about one street in Mount Austin or one tower in Danga Bay, and listing asking prices are what sellers hope for, not what buyers paid. Use recent transactions instead; my guide to checking transaction prices before an offer shows how, and price per square foot comparisons help you compare units of different sizes.
Using NAPIC data before you buy: a practical checklist
- Find your segment. Is the unit a landed home, a residential condo or a serviced apartment? Read the matching table.
- Note the date and whether figures are preliminary.
- Ask about the building. For a completed new project, ask the developer’s sales team how many units in the block are still unsold. For a subsale, ask management how many units are occupied.
- Visit at night. Lit windows and parked cars give a rough sense of occupancy.
- Count competing listings for rent or sale in the same building.
- Check recent transactions, not launch or asking prices.
- Expect a bank valuation. If many similar units are unsold or reselling, the valuation may come in below your price; see what to do if the bank valuation is lower.
- Check the developer. See checking a developer and checking condo management.
For foreign buyers there is one more layer. Johor sets RM1 million as the minimum price for foreigners buying residential property, with only limited exceptions (for example, some serviced apartments sold by developers with state approval); no area is exempt as a whole. Where such a serviced apartment below RM1 million is approved, the consent fee is 3% (minimum RM50,000). More than a third of the unsold homes nationally were priced at RM300,000 or below, a range foreigners generally cannot buy in Johor. My guide to Johor’s foreigner minimum price explains the rules.
Where to buy if this matters to you
Supply differs a lot across Johor Bahru. My area guides:
- JB Sentral and Bukit Chagar: by the CIQ and the RTS Link station (service targeted for February 2027).
- Danga Bay: waterfront high-rise; check whether a project is a serviced apartment and read the commercial table if so.
- Iskandar Puteri: Medini, Puteri Harbour and EduCity.
- Mount Austin: established, popular with families.
- Tebrau, Setia Indah and Molek: mature, mainly landed neighbourhoods.
- Kulai and Senai: near the airport and industrial parks.
Compare areas on my JB property map, and see my notes on subsale versus new launch and current new launches in Johor Bahru.
More Johor living guides: Best areas to live in JB · Independent property valuation · Condo density and units per floor · Making an offer on a subsale · Rent or buy in JB
Frequently asked questions
What does property overhang mean in Malaysia?
NAPIC defines overhang as completed residential, shop and industrial units with a Certificate of Completion and Compliance that remain unsold more than nine months after launch. It counts developers’ unsold completed stock, not empty or unlet homes.
Are serviced apartments included in the residential overhang?
No. NAPIC reports serviced apartments under commercial property. In Johor in the first half of 2026 there were 9,946 unsold completed serviced apartments, against 4,222 unsold completed homes, so check both figures.
How big is Johor’s property overhang?
JPPH’s first-half 2026 report showed 4,222 unsold completed homes in Johor, the highest of any state. In 2024 the residential overhang was 2,964 units against 928,421 existing homes, about 0.3% of the stock.
Does a high overhang mean I should not buy?
Not by itself. State figures describe a whole market. What matters is your building: unsold and listed units, recent transaction prices and whether you will live in it or let it.
What is the Malaysian House Price Index?
It is NAPIC’s official house price index, with 2010 set at 100. Johor’s preliminary 2025 reading was 303.1, with an average price of RM472,977. It describes past prices for a whole state or house type, not one home.
Where can I download NAPIC reports?
From the NAPIC section of the JPPH website, which carries the Property Market Report, Property Market Status Report, Property Stock Report, the House Price Index and quarterly snapshots. Detailed transaction records are available to registered valuers and estate agents.
How often does NAPIC update its data?
Quarterly snapshots and half-yearly and annual reports. First-half 2026 figures were released on 10 September 2026, so official data usually trails the market by a few months, and preliminary figures can be revised.
Want the data read for one project?
Tell me the project or area and whether you will live in it or let it. I will explain what the official figures and recent transactions show, and what to check at the building. You can also book an appointment for viewings, or a Zoom consultation if you are abroad.
Sources: NAPIC, Property Market Status Report H1 2025 (definitions and technical notes), accessed November 2026; NAPIC, Southern Region Property Market Report 2024, accessed November 2026; NAPIC, Malaysian House Price Index 2025P, accessed November 2026; NAPIC, Property Market Snapshot Q1 2026, accessed November 2026; NAPIC, Frequently Asked Questions, accessed November 2026; Malay Mail, “Malaysia’s unsold completed homes rise 8.6pc in H1 2026”, 10 September 2026; The Star, “Targeted solutions to property overhang”, 2 November 2026; The Star, “Johor high-rise segment faces oversupply risks”, 17 July 2026; Bernama, “1Q 2026 property transactions recorded at about 90,000 units, valued at RM51.9 bln – JPPH”, 14 May 2026
Jason Lim, REN 84424, IQI Realty Sdn. Bhd. E (1) 1584/6. General information checked on 14 November 2026, not financial, legal or investment advice. Official figures are revised and Johor’s foreign-ownership rules change; confirm with JPPH/NAPIC, the Johor state authorities and your own advisers before you commit.