The Sabah property market saw a dip year on year (y-o-y) in its first-quarter results for 2023. However, there is nothing to worry about, says Rahim & Co regional manager (Sabah) Max Sylver Sintia in presenting The Edge Malaysia | Rahim & Co Kota Kinabalu Housing Property Monitor 1Q2023.
“The volume and value of residential property transactions in Sabah declined by 15.26% and 15.76% respectively in 1Q2023 compared with 1Q2022, with 1,227 transactions recorded worth RM482.58 million for the quarter under review.
“The decline in the Sabah residential property market in 1Q2023 is a momentary slowdown, as witnessed by the decrease of 5.7% in the overall Malaysia property market activity in 1Q2023 compared with 1Q2022.
“A reduced number of new launches, the seasonal factor in house purchases, which is usually low at the beginning of the year, overnight policy rate (OPR) hikes from last year and inflation worries, both of which affected buyer sentiment, were among the factors that contributed to the decline in residential market activity,” says Max.