KL property prices? Still up…….slowly

I missed a good condo nearby KLCC because a Chinese (China) buyer viewed and paid first. This happened just 2 weeks ago. Well, the price offered was lower than the usual but I did not have the time to view it yet. So, what’s happening to the KL property market in terms of prices? In brief, it’s still on an uptrend. According to a Bernama article quoting Knight Frank’s Global Residential Cities Index Report for Q4 2016, the house prices in Kuala Lumpur rose by 5.1 percent. Moving forward, Knight Frank Malaysia Managing Director Sarkunan Subramaniam said that prices will be resilient with moderate capital appreciation for residential properties in prominent and established areas in Kuala Lumpur. (Once loved, the usual areas would remain loved and in demand. This causes prices to rise, as usual. Here’s an article about it. Please tell me honestly, who wants property prices to fall?

As for availability of reasonable priced properties within Kuala Lumpur but perhaps not right next to KLCC, there are still some potential buys. Image as per a very simple search from iproperty.com.my  By the way, would also like to remind everyone that MRT Line 2 is already being built while MRT Line 1 is about to be completed; the whole line. There’s also LRT Line 3 too… These are real options which is definitely more affordable BUT would require more time if you are working within the KL city. For those in Klang, there’s even a ‘BRT which is expected to be up and running in the near future. I think Mr. Sarkunan agree with my earlier articles too. He said,“Transit oriented developments along the Light Rail Transit and Mass Rapid Transit routes are expected to gather pace with improved connectivity,” An earlier article about the average property price for KL here: KL average property price over RM700k  As usual, do note that this is average price and not median price. If only there’s a median price stats being released every quarter… For those who must buy new properties and yet still wants it to be even more affordable than those in the image, well, there’s RUMAWIP too. 

Where is KL when compared to the world? The same report by Knight Frank showed that global house prices rose by an average of 6.6 percent in 2016. (Yes, this meant KL is still lower than the world average) However, when the Chinese cities are excluded, this average would drop to just 4.9 percent. (Hey, KL is higher than the global average, oops) Within the report, Australian cities are also showing  significant price growth and this was buoyed by low interest and strong urbanisation rates. (Actually, it includes also the foreign participation in their property market. One such instance? Here: 28% of Melbourne’s apartments bought by foreigners Of course, for now, the appreciation in these Australian cities are expected tomoderate because of stricter bank lending criteria and softening external demand. (Yes, China is definitely one of the cause)  Thank you Knight Frank, keep reporting yeah.

written on 20 April 2017

Next suggested article: Patrick Grove and Kuala Lumpur Internet City. Rm5 billion GDV

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