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.
Residential sub sector 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.
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.
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. For residential, the Home Ownership Campaign initiated by the Malaysia government has encouraged the 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.
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.
Yeoh Kok Woe (Real Estate Negotiator – REN21251)
Sources: Data from NAPIC | Images from rawpixel.com
Disclaimer: All data shown above are extracted from data provided by National Property Information Centre (NAPIC) under the Valuation and Property Services Department of Malaysia. Author wishes to point out that this article is purely for information and educational purposes and shall not be treated as a real estate investment advice.