In 2022, the Sabah property market saw a rebound as the nation moved from the pandemic stage to the endemic phase, according to Rahim & Co regional manager (Sabah) Max Sylver Sintia in presenting the Kota Kinabalu Housing Property Monitor 4Q2022.
Max says that in 2022, the residential property market achieved a total of 5,792 transactions worth RM2.778 billion. Compared to 2021, this was an increase of 20.54% in volume and 17.3% in value. Compared with 2019, the increases were 7.8% and 9.37% respectively.
“This by no means signifies a full recovery, but a resumption of the rebound trend that started in 2018/19 but was severely interrupted during the pandemic and lockdown in 2020/21.
“With the reopening of the economy and international borders, demand for properties was reinvigorated as crowds returned to physical spaces and activities, thus reviving some degree of confidence in the market,” says Max.
Despite these encouraging numbers, he highlights that transaction volume and value recorded in 4Q2022 were lower than in 4Q2021. “The state registered 1,319 residential transactions worth RM512.04 million in 4Q2022 — a year-on-year (y-o-y) decrease of 3.09% in volume and 8.83% in value.”