The property market is set to improve, says a real estate group.
Property is considered overhung if it remains unsold more than nine months after launch.
He said the proportion of built but unsold properties in the state seemed high only to those unfamiliar with the business. In fact, he added, the number was low relative to the total number of overhung properties across the country. According to a study done by Shareda, the primary reason for property overhang in Sabah is the failure of developers to conduct proper research before proceeding with their projects.He also said private developers tended to build on cheap pieces of land, usually in unfavoured locations, so that they could price the properties competitively against those built by government-linked companies.