Foreign property
investors have been urged by a leading Hong Kong newspaper to consider the
merits of buying homes in Malaysia. The
Standard calls Malaysia ââ¬Ëa hot spot for foreign investmentââ¬â¢ with
ââ¬Ëprospective economic growth, stable housing market and [a] pleasant living
environmentââ¬â¢ continuing to attract home buyers.
We look at the
benefits of buying property in Malaysia.
Kuala Lumpur and Penang popular with overseas
property buyers
The newspaper reports
that many overseas investors are turning to property in Malaysia. One reason is
that prices in the country are lower than in other countries in the region
including Hong Kong and Singapore.
The Standard reports that ââ¬Ëthe
stable price level, high GDP growth, guaranteed rental yields and Malaysia’s
similar culture, also make the country a desirable housing optionââ¬â¢ for people
looking in the region.
Kuala Lumpur is the
capital and most developed city in Malaysia and appeals to overseas property
buyers for its comparatively relaxed real estate regulations and inexpensive
living costs. Property prices in the city have risen by 15 to 30 per cent over
the last five years, offering excellent potential for capital growth. Prices
range from around 1,000 ringgit (ã205) to 2,000 ringgit (ã409) per square foot.
And, as a great
number of expats live in the capital, there is also strong rental demand for
property.
Another location
favoured by many overseas buyers is Penang, a thriving state on the northwest
coast of peninsular Malaysia. 28 per cent of Malaysiaââ¬â¢s foreign direct
investment in 2010 and 2011 was in the Penang region.
Penang boasts a
vibrant economy and young population of 1.6 million. In addition, George Town,
Penang’s capital and a Unesco historic city, is ranked the eighth best place to
live in Asia by ECA International.
The Standard reports that
ââ¬Ëproperties in the region have a proven track record…with prices expected to
increase steadily over the next four years.ââ¬â¢
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