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Strong Performance for Sabah Property Market in Q1 2021

The performance of Sabah property market strengthen in Q1 2021, indicated by higher volume and value of transactions as compared to Q4 2020. The state registered 1,891 transactions worth RM1.027 billion, increased by 61.2% and 54.6% in volume and value respectively as compared to Q4 2020.

sabah property market

RESIDENTIAL SECTOR

Residential sub sector in Sabah property market remained the highest contributor to the real estate market in Q1 2021 with a 48.3% and 61.3% increased in volume and value respectively as compared to Q4 2020.

The primary market in Q1 2021 saw the new launches of 57 units in the state with a 56.1% recorded sold.

The new launches decreased compared to the recorded 961 unit in Q4 2020.

residential property market outlook

COMMERCIAL SECTOR

Commercial sub-sector in Sabah recorded triple digit increase. Transaction volume in increased by 144.86% while the transaction value increase by 126.86% as compared to Q4 2020.

INDUSTRIAL SECTOR

The industrial sub-sector recorded an 124% growth in transaction volume compared to Q4 2020. In terms of transaction value, Q1 2021 saw an increased of 163.3% as compared to Q4 2020.

Comparing to Q4 2020, we see a healthy growth in the real estate market of Sabah. The Home Ownership Campaign initiated by the Malaysia government has encouraged home ownership for the primary residential market.

Meanwhile for the sub-sector, with the RPGT waiver of up to 3 residential properties, this allow property owners to sell off their properties at a lower price and attracted new buyers to ensure the sub-sector remained active.

CONCLUSION

While most industries are affected by Covid-19 pandemic, some businesses are gaining advantage of the situation. This allows the commercial sector to remain active and saw a growth in both transaction volume and transaction value. This applies to the industrial properties in Sabah as well.

Q1 2021 saw a very positive growth and we hope that it will continue despite the threat from Covid-19 pandemic. With the uptake of vaccinations continue to increase, it just a matter of time the economic situation will be back to normal.

Written by:

Yeoh Kok Woe (Real Estate Negotiator – REN21251)

Sources: Data from NAPIC | Images from rawpixel.com

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