supply and demand are rather subjective - factors to consider include price range, location etc...
but in general, i would say in areas such as Klang - supply is still considered limited versus the high demands.
In PJ, supply is aplenty, but demands are also very high.
In areas such as setapak/wangsa maju area, plenty of supply - but you'll see mostly in the affordable range, and demands are still doing okay; just that people have more time to look at more choices...
If you're looking at higher end ones... demand is rather limited for high rise high end, but landed ones are still in big demand....
n different areas, different demands... if u read an OVERALL Malaysia or Klang Valley report, the overhang situation would be many.
But going into details... you'll find that those real affordable government-restricted ones, those 250k... those who wants it for investment, overqualified. those who really want it for own stay own use, qualify but cant afford... then you have the middle-range, those 450-550k.... demand are very strong, but choices also plenty. many interesting marketing gimmicks too - cash back, rebates, free reno, free ID etc etc...
one thing though, with interest rates going up, yields are not holding up as well... so rental returns could take awhile.
It does not matter if ur prop worth rm2mil if nobody renting or buy it. That's what I mean. So higher price is useless if u don't get profit out of it.