Kelantan property market moderates

KUALA LUMPUR (May 12): The Kelantan property market was moderate in 2014, with 9,425 transactions totalling RM1.06 billion recorded, according to the recently released “Property Market Report 2014” by the National Property Information Centre (Napic). There was a decrease of 11.2% and 10.2% respectively, in the number of transactions and overall value.

Prices for residential property were stable, with an upward trend in selected locations. This is attributable to better infrastructure, such as in areas located near the newly opened Sultan Yahya Petra Second bridge.

The residential rental market was also stable, with upward movement recorded in selected locations. Single-storey terraced houses in Jajahan Kota Bharu fetched between RM300 and RM450 a month while a two-storey terraced house fetched between RM400 and RM740.

In the primary residential market, the number of new launches increased to 714 units, with a higher sales performance of 59.9% compared with 26.3% in 2013. Detached houses accounted for 33.2% of total new launches.

However, the number of residential overhang units increased 28.4% to 113.

The number of unsold units under construction also showed an upward trend, rising 5.9% to 1,159 units. In contrast, unsold not constructed units recorded a 54.2% fall to 404 units. 

(Source: Napic)