The Sarawak Housing and Real Estate Developers' Association (SHEDA) urges interested buyers to consider purchasing property soon as they believe the time is right.
"It's the best time to buy now because prices are not yet reflective of our falling currency" explained Dr Christopher Ngui, chairman of Sheda's Kuching Branch during a press conference promoting their first Home and Property Roadshow 2017 on Tuesday, February 21.
Over the past couple of months, Ngui said there has been many factors set to drive up the cost of properties and their development such as the Goods and Services Tax (GST), depreciation of the ringgit and increased cost price of imported materials.
"Yet, our houses are still not going up at the moment as most of our developers are still willing to maintain the current prices or are still selling properties from previous projects.â€
However, this trend is likely short lived as Ngui believed that residential projects set to launch within the next few months might start reflecting these new increased development costs.
They drew this conclusion based on historical trends of housing prices after one or two years of recession.
"I believe those interested should seriously consider buying now, especially those with cash" Ngui spoke out while inviting prospective buyers to participate in their property roadshow whereby they will be able to meet face-to-face with top property developers and witness exhibitions of their projects.
For buyers who many require financial help, Ngui invited them to obtain their Central Credit Reference Information System (CCRIS) at the Bank Negara Malaysia (BNM) booth which will also be present at the event.
"Getting your CCRIS can help you see whether you're eligible for any of the programmes brought out by BNM that are aimed to help first-time homebuyers or homebuyers in general.
"Even if you're not eligible, you can use this time to figure out what exactly is causing your ineligibility and fix it before it is too late" shared Ngui, further noting that buyers can also seek advice on their financial straits from representatives of the Credit Counselling and Debt Management Agency (AKPK) of whom will also be present at the property roadshow.
Looking ahead for future property prices, representatives of Sheda noted that a catalyst for lower property prices in Sarawak would be the potential approval of higher density of residential buildings per hectare of land by the state government.