The recently released Property Market Report 2014 by the National Property Information Centre (Napic) paints a sombre picture for the once-vibrant Sarawak property landscape.
Napic figures revealed that the market in the East Malaysian state was relatively stagnant in 2014. While there were 27,538 transactions recorded last year (valued at RM5.97 billion), the overall volume declined by 3% and the value increased 6.6%.
Market watchers say property prices in Sarawak are at an all-time high, which explains the current slow market performance. Additionally, buyers have been fearful of the GST impact.
Market activity in all sub-sectors recorded slower movement in 2014. Industrial, agricultural, commercial, development land and residential sub-sectors declined by 6.4%, 5.5%, 2.5%, 1.6% and 0.4% respectively