Ascertaining the Economic Sustainability of Heritage Property Market based on Sales Transaction Analysis

Abstract

Increasing trend in property transactions can be used as an indicator of economic sustainability of an area. This paper has analysed the transaction volumes and prices of pre-war shophouses in four historical areas in Malaysia in order to ascertain the state of economic sustainability of the heritage property markets. Secondary data for 2004 until 2017 were obtained from governmental sources and descriptive statistical analysis was undertaken. The results show evidence of increasing trend in the price per square foot for the shophouses in all the areas suggesting that there is economic sustainability of the heritage property markets in Malaysia.