While the Sabah residential property market continued its upward trend in the first quarter of 2024, a cautious outlook is still needed, says Rahim & Co regional manager (Sabah) Max Sylver Sintia in presenting The Edge Malaysia | Rahim & Co Kota Kinabalu Housing Property Monitor 1Q2024.
“The outlook of the labour force in the construction industry as well as the increase in prices of building construction materials will not only affect the property supply but also developers’ pricing strategy.
“Homebuyers’ affordability as well as disposable income levels of consumers notwithstanding, the momentum of the Sabah property market is anticipated to remain cautiously optimistic for the rest of the year, with relatively steady performance year on year,” says Max.
Meanwhile, he says the performance of the state’s residential property market for the quarter under review showed positive growth.
“The Sabah residential property market improved in 1Q2024, indicated by higher volume and value of transactions compared to 1Q2023. The state registered 1,436 residential transactions worth RM589.921 million in 1Q2024, with a y-o-y growth of 17.03% in volume and 22.24% in value,” says Max.
