PETALING JAYA: The price of residential properties is expected to rise between 5% and 20%, a news report said.
Quoting former Real Estate and Housing Developers’ Association (Rehda) chairman, Tan Hun Beng, StarBiz said a price hike is looming due to higher construction costs.
The price of concrete has risen 32% to RM258 per cubic metre, while steel bar prices have increased 46% to RM4,100 per tonne.
In addition, the prices of metal roofing and c-purlin have increased by 60% and 95%, respectively, said the report.
“The steep hike in building material costs will impact the selling price of the incoming supply of properties by at least 5-20%, depending on their size and location.
“The hike in selling prices is inevitable as developers are already paying substantially more for their raw materials,” Tan reportedly said.
As such, he said there will also be fewer property launches in 2022 due to high construction costs.
