Jan 21, 2011
Malaysia will see an increase in demand for new houses, as many Asian investors are looking into properties and expatriates are coming into the country for projects under the Economic Transformation Programme (ETP).
“The expatriates will be here for the duration of the projects such as the Mass Rapid Transit (MRT), among others. They would need a place to stay,” said Eric YH Ooi, Managing Director of Knight Frank.
Mr. Ooi said that Asian investors are returning to Malaysia, as the country offers better property values, compared to Hong Kong and Singapore, where property prices are nearly five times more expensive.
He added that many investors are gaining access to the market and have an appetite for luxury properties located in the capital city. Most investors from Hong Kong, Singapore, Taiwan, South Korea, Japan and Indonesia are acquiring bungalows, apartments and condominiums in areas like KLCC, Mont' Kiara, Kenny Hills and Bangsar.
Mr. Ooi noted that the country’s improved rental market and positive economic outlook are driving in cash rich buyers.
“It has improved and rentals are hovering between RM3.50 psf and RM7.00 psf now,” he said, adding that he expects over 15 percent of this year’s total luxury property sales to come from foreigners.
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