KOTA KINABALU (July 22): Demand for real estate and housing are on the uptrend, with landed properties remain still a favourite choice for buyers in Sabah as the country enters the post pandemic phase.
According to Sabah Housing and Real Estate Developers Association (Shareda) president Datuk Sr Chua Soon Ping, property hunters are aware that this is a good time to buy as real estate prices are still as low as what they were set at before inflation started to kick in.
“Buyers are aware that this is a good time to buy as they are still buying with the old prices amid inflation which has hit Malaysia over the past one year.
“Buyers are taking advantage of the pre-inflation price,” he said in a statement on Friday.
He said many properties located in prime and good locations are also being snapped up, adding that a four-month survey undertaken show good responses from buyers in four properties.
He said over 100 units at the Jesselton Tower were sold, while more than 70 units in Bay Suites, over 60 units at Forest Hill and over 70 units at The Logg were also snapped up.
Further to this, he said the recently concluded Property Hunter Expo held here and in Tawau registered over RM125 million in sales, adding that many were also keen on properties still under development.
However, he said landed properties located in good locations are still highly sought among buyers.
“Although, capital gain and rental will be able to catch up with inflation, buyers need to invest prudently, rather than speculatively. Property is always a good investment when it comes to growing your wealth and protection.
“Buyers must always keep a good financial record, be diligent and careful when choosing to buy a property.”
“Banks are stringent when it comes to lending and thus buyers must have a good financial track record to obtain loan,” he said, advising those who are looking to buy properties.
Chua also said developers need to build properties in demand and price their products competitively and reasonably.