The property prices in Sabah, particularly in Kota Kinabalu area have increased so much in the past 3 or 4 years. Take for example, the price of a standard Double Storey intermediate house with a land area of 1,500 SF and a built up area of 1,200 SF. 4 years ago the price was below RM200K, but now most property owners are asking almost 50% more, i.e. RM300K.Other examples, an apartment unit with a built up area of 900SF in Kepayan Ridge area that originally cost below RM140K, now priced at about RM200K. A condominium unit with the same built up area in Luyang area is now priced well above RM300K. Original price was about RM230K. Wow, this is crazy. With this kind of price I better get a condominium unit at 1Sulaman :)
There are cases that are even worst, an owner of a double storey intermediate house that is located near to Kepayan Ridge was trying to sell his lot for RM600K. Wow, this is far too much because the original price was about RM350K. Maybe, the owner thought that underneath the property was a gold mine. Another case in the same housing area; a buyer initially tried to sell his lot for RM550K but maybe due to lack of interest he reduced his asking price to RM490k. I wonder if he managed to get a buyer for his lot. With this kind of asking price I for one will rather buy a Semi-detached house. However, property owners are not solely to be blamed as they are merely taking advantage of the current supplies of new properties that are priced so expensive.
I wonder if an average salaried person can afford to own a house if property prices keep on increasing not in line with income. This is where the Government should step in and do something to control the property prices in Sabah. Housing developers also should do their part in ensuring more affordable homes are being built and not just concentrating to more profit. If there are more houses being built and priced affordably I believe we will not see property prices increase so much.
With the current global economic crisis and unemployment rising, I personally hope that property prices will fall down as there will be less demand. When that time comes I hope to grab one or two for investment purposes ;) What about you?
Photo source : Sabah Museum
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