BizHive Weekly asks:

Q: What are your thoughts on the residential property market now?

A: It is way too expensive relative to the income of most people in Sabah. Strangely the property developers and the government authorities have not been able to agree on what contributed to the expensive homes.

Therefore, I don’t see any solution soon. Meanwhile, those who have the means and are already owners of many properties will continue to profit while most of the population dream of owning their own home.

The Sabah Economic Planning Unit (EPU) recommended a RM1 million minimum price for foreign ownership of properties in Sabah. Sabah developers want it set at RM650,000. considering the fact that some terrace houses in Sabah are selling for RM650,000 and more, the EPU’s ceiling should be raised especially with the ringgit’s weak value now and the foreseeable future. Q: Is there ever a right time to invest in residential properties?

A: I read somewhere that any time us the right time to buy residential properties especially if you are buying your first home. I think it makes sense because house prices are known to only go up and never come down.

I’d advise young people to buy the first house they can afford when they can. Never sit around and wait for the so-called ‘dream home’ because the likelihood is that they will not be able to afford it when the home of their desire comes around.