KOTA KINABALU (July 22): Demand for real estate and housing is on the rise, with land properties still remaining a preferred choice for buyers in Sabah as the country enters the post-pandemic phase.
According to the chairman of Sabah Housing and Real Estate Developers Association (Shareda), Datuk Sr Chua Soon Ping, property hunters are aware that now is a good time to buy as property prices are still as low as this in what they were fixed before inflation started to explode. in.
“Buyers are aware that now is a good time to buy as they are still buying with the old prices amid the inflation that has hit Malaysia over the past year.
“Buyers are taking advantage of the pre-inflation price,” he said in a statement on Friday.
He said many properties in prime, quality locations are also being bought, adding that a four-month survey shows good buyer responses at four properties.
He said over 100 units of Jesselton Tower have been sold, while over 70 units of Bay Suites, over 60 units of Forest Hill and over 70 units of The Logg have also been purchased.
Additionally, he said the recently concluded Property Hunter Expo here and in Tawau saw over RM125 million in sales, adding that many were also interested in the properties still under development.
However, he said land properties in good locations are still highly sought after by buyers.
“Although capital appreciation and renting can catch up with inflation, buyers should invest cautiously rather than speculatively. Real estate is always a good investment when it comes to growing your wealth and protecting you .
“Buyers should always maintain a good financial record, be diligent and careful when choosing to purchase a property.”
“Banks are strict on lending so buyers need to have a good financial history to get a loan,” he said, advising those looking to buy properties.
Chua also said developers need to build in-demand properties and price their products competitively and reasonably.