Sin Chew, Photo Credit to Sin Chew
clock 09-02-2021
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Kota Kinabalu Landed House Prices Did Not Fall During Pandemic

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The appraisal of local real estate prices showed that the landed houses in Kota Kinabalu were resilient during the pandemic and houses prices did not fall, reports Sin Chew. 

The report quoted Kota Kinabalu real estate appraisal and transaction data provided by the well-known real estate appraisal firm Rahim & Co. Double-storey and single-storey terraced houses in Kota Kinabalu did not decline in the third quarter of last year, but in fact rose slightly. The average increase was 2.11% and the single-storey terraced houses rose 4.5%.


Double-storey houses in Golden Hill Garden, Luyang Perdana, Ujana Kingfisher, Millennium Height, Taman Sri Borneo, Jindu Garden and Taman Indah Permai have all increased. 


However during this period, the report states that rental prices of double-storey and single-storey townhouses houses remained unchanged. 


Weak demand for high rise housing


High-rise homes fell by an average of 5.93% year-on-year and 3.67% quarter-to-quarter due to weaker demand and rent prices fell by an average of year-on-year 12.34%.


Rahim & Co’s valuation shows that the production and rental prices of many high-rise residential buildings, including 1 Borneo Apartment, Jesselton Apartment, Likas Square, Alam Damai, Marina Court and The Peak, have fallen. 


Only the output value and rental price of Bayshore Apartments and Radiant Tower Apartments did not fall.


1525 transactions in the third quarter


There was an increase of 172% quarter-to-quarter and only 561 transactions in the second quarter.


Among them, 889 cases (58.3%) were sales and purchases of properties under RM300,000, 383 cases (25.11%) were sales and purchases of properties between RM300,000 and RM500,000 and 210 cases (13.77%) were sales and purchases of RM500,000 to RM1 million. 43 cases (2.82%) were properties above RM1 million. 


The turnover in the third quarter of last year was RM536.21 million, an increase of 193% quarte- to-quarter and the turnover in the second quarter of last year were RM182.83 million.


In the third quarter of last year, there were 844 transactions (55.34%) of real estate transactions from Kota Kinabalu, Binlambang and Petatan. 


As of third quarter, Sabah had 3,176 real estate transactions in the first nine months of last year, down 38.42% year-on-year, while the transaction output value totalled RM1.098 billion, down 23.93% year-on-year.


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