Weekly Industry News

High prices and glut dampening residential property market

Weekly Industry News

The residential property market continues to be soft, particularly for landed residences, while other subsegments of residences like high-rise apartments are also experienceing a slowdown in sales.

According to the Real Estate Market Outlook 2019 released by CBRE and WTW Research, this is a continuation from last year’s ‘slow and cautious’ stance as the property market adopted a wait-and-see attitude.

“Both developers and buyers are cautious in decision-making, pending further political and economic developments,” it said in the report.

Figures from the Real Estate Market Outlook 2019 revealed that Kuching’s landed residential market has seen very few new launches especially in prime housing areas. Most launches last year were in the outer-lying secondary prime areas, it said.

MediaTitle: Borneo Post (Kuching)

Date: 22 Apr 2019

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