Year of the snake is promising for Sabah’s real estate market

Recent Chinese New Year celebrations ushered in the Year of the Snake, which is set to be promising for Sabah’s real estate market

The Chinese year of the Dragon registered a steady and robust property market in Sabah, according to Datuk Susan Wong Siew Guen, president of Sabah Housing and Real Estate Developers Association (SHAREDA).

“We are hoping for a continued or better period as we enter the Snake year tomorrow,” she said.

The deceleration of property prices suggests the market is slowing down until the stabilisation of external economic conditions following the general election, reported the Borneo Post.

“There is plenty of liquidity in our country’s banking system and as long as the financial institutions continue to provide 90 percent loan margins to the house buyers and the bridging financing to the developers, the property industry market will remain stable and prosperous,” said Wong.

According to Wong, the Construction Industry Development Board (CIDB) should provide more training to local youths so the industry would not rely so heavily on workers from overseas.

Wong added that on the My First Home Scheme, more first time home buyers are set to benefit this year as the individual income limit has been raised to RM5,000 (US$1,615) from RM3,000 (US$969). Married couples can also apply to the scheme, with the income limit for joint loans set at RM10,000 (US$3,230) per month.

“Our prime minister Datuk Seri Najib Tun Razak has said that the My First Home Scheme, which was launched in 2011, would be improved to enable more Malaysians under the age of 35 years to own their first residential properties.

“Also the launch of 80,000 units of PR1MA Housing Scheme for the middle-income group is most welcome,” Wong added.

Those who qualify for PR1MA housing will be able to take part in the balloting of houses which will be built at the cost of approximately RM10 billion (US$3.2 billion) over the next three years.

“The unique beauty of nature and the good living environment have attracted a lot of tourists from different countries for business investments and buying properties which continued to make our city flourish,” said Wong.

“Our house prices are comparatively much cheaper than countries such as neighbouring Singapore, Korea, Japan and Hong Kong and a lot of investors from these foreign countries are coming here to invest,” she added.

Filed Under: MalaysiaNewsNews by Country


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