KUCHING: Sarawak’s property market this year has shown strong resilience despite a challenging economic climate.
According to Malaysian Institute of Estate Agents (MIEA) Sarawak branch chairman Datuk Alex Ting, the first half of the year showed nearly 12,000 properties were transacted, representing a 7.4 per cent increase.
“Of the figure, nearly 5,000 units were residential properties valued at RM1.4 billion.
“In the second half of the year, over 2,300 units of 1Malaysia People’s Housing Scheme (PR1MA) were sold, expecting to reach a total of 7,000 units sold,” he said during MIEA Sarawak branch’s 6th anniversary dinner at Sarawak Club here last Friday.
He further stated that in the National Property Information Centre (Napic) report, there was a 70 per cent reduction in both new launches as well as completion.
Ting predicted the (property) market would absorb most of the overhang units in 2020 and that the prices of properties would increase strongly.
