In recent times, Kota Kinabalu has and currently experiencing a property development boom at an unprecedented scale. This has elevated the city as one of the property hotspots in Malaysia; as noted by Fiabci Malaysia National Committee member Michael Geh.
Geh said that the strong Kota Kinabalu property development trend, coupled with it's domestic property product launches will ultimately reel in investors s far as from the Klang Valley, which conventionally been the typical destination for savvy Sabah property investors.
This notion was supported by Fiabci Malaysia President Yeow Thit Sang as it's economy will continued to be spurred by tourism.
2012 saw the property sector in a reasonably good position with the demand of houses within the RM 250,000 - RM 400,000 range. Having said this, last year too saw a decline demand for high-end units.
Yeow pointed out the fact that contributed to the decrease of demand being that those whom have invested in high-end unit having difficulties in to attain prospective tenants for their investments. This predicament is due to:
- the unexpected influx of multinational Cooperations (MNCs)
- the disaster in Japan
- economic situation in Europe
- the struggling recovery of US economy
This indicated that the Global economy slowdown has an impact on the industry. However with the on going government infrastructure projects and mega project have stabilize the industry.
In Yeow's opinion, the hotspot in the nation will remain unchanged; which is Kuala Lumpur, Penang, Johor Bharu and Kota Kinabalu.
Yeow noted that Kota Kinabalu shares similar traits as the Iskandar Region of Johor Bharu: where by the state government is pro-development, which in turn allow rapid progress.
Yeow too have highlighted the fact that this year's forecast will depend on the Global Economy Recovery, especially that of the US, Europe and Japan. should these region continue to experience a decline in it's economy, it will have an adverse effect on the property industry.
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