PETALING JAYA (May7): The Pahang property market recorded a 9.9% decrease in overall transaction volume last year, falling to 17,902 compared with 19,874 in 2013, according to the “Property Market Report 2014” by the National Property Information Centre (Napic).
However, the overall value of transactions increased to RM4.78 billion or a 7.2% rise over RM4.46 billion in 2013.
While prices of residential properties remained stable, upward movement can be seen in selected locations.
According to Kuantan-based IPC Island Property Consultants Sdn Bhd associate director Mohd Shakri Dullah: “There has definitely been a slowdown in sales after the implementation of the Goods and Services Tax. Some purchasers are opting to wait and see how badly the market will fare.”
He said the impact of this attitude on sales volume has been immediate.
For the residential sales segment, double-storey terraced houses in Kuantan saw increases of between 3.3% and 13.5%, transacting for between RM170,000 and RM476,000 each.
The All House Price Index stood at 255.0 points as at 4Q2014, compared with 240.1 points previously.
The residential rental market performed better, with double-storey terraced houses in Kuantan fetching between RM600 and RM900 a month. The highest increase was seen in the Jalan Air Putih area.
Only 4,687 units were launched in 2014, marking a decrease for launches in the primary market.
Single-storey terraced houses accounted for 53.1% of total new launches.
Residential overhang increased by two-fold to 484 units with a value of RM120.2 million.
Unsold units under construction declined to 2,633, down by 3.8%, whereas unsold units not constructed fell by 66.4% to 274 units.
Overall, the outlook for the state’s property market this year is expected to be stable, with several initiatives in the pipeline; while PR1MA projects are expected add 15,000 units to the market by 2018.
Apart from PR1MA, the recent opening of the East Coast Expressway connecting Jabor at the Pahang-Terengganu border and Gemuroh in Terengganu has boosted infrastructure development and economic activity in rural areas.