Sabah real estate market sees upward trend due to affordable prices post-pandemic

Sabah real estate market sees upward trend due to affordable prices post-pandemic

Roger Pettingell Sarasota Real Estate

KOTA KINABALU: Property and house hunters are on the prowl for bargain real estate prices as the country enters the post-pandemic phase, with landed properties still a favourite choice among buyers in the state.

Sabah Housing and Real Estate Developers Association (Shareda) president Datuk Chua Soon Ping said demand for real estate and housing had been on the uptrend due to prices remaining affordable after the height of Covid-19.

He said property hunters were aware that this was a good time to buy as real estate prices were still as low as what they were set at before inflation started to kick in.

“Buyers are taking advantage of the pre-inflation price,” he said in a statement on Monday (July 25).

Chua added that many properties located in prime and good locations were also being picked up quickly by buyers.

A four-month survey undertaken by Shareda showed good responses from buyers in four upscale properties in the Sabah capital.

“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,” he said.

He added that the recently concluded Property Hunter Expo held here and in Tawau registered over RM125mil in sales.

Many were also keen on properties still under development, he added.

“However, landed properties located in good locations are still the number one preference among house hunters.

“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,” he said.

Towards this end, he advised that buyers should 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 a loan,” he said.

At the same time, Chua said developers also needed to build properties in demand and price their products competitively and reasonably.

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