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Mont Kiara condos below RM600 per sq ft?

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secondary property market slowed down

Mont Kiara is one of the most popular areas for property in Kuala Lumpur. Sorry to disappoint you. I do not have units in Mont Kiara for sale under RM600 per sq ft. I asked a few agents too. They have none, at this moment. However, I am very sure of this: As soon as one unit of such a condo appears, it will be snapped up fast. Okay, assuming I am the first one to know, I will immediately bring my wife to view that particular unit on the SAME DAY. Buy or no buy depends on the condition of the unit but RM600 per sq ft is extremely attractive for a unit in Mont Kiara. Want to know what’s the current median price for Mont Kiara as an area? Instead of looking at just the asking price, how about looking at numbers which are based on actual transactions? Please refer below. Information from brickz.my (good reference site)

What this tells us very clearly is that after so many quarters of slowing down in terms of transactions, of people telling us that property prices are going to jump off the cliff and of threats about property bubble bursting, the median price for Mont Kiara on an overall basis remains 16% above what we would want it to drop to; RM600 per sq ft. Will it drop another 16% then in 2019? 😛 Your guess is as good as mine. However, what is very clear is this. For popular areas, if any units were to be made available and the price is 10% below the median price (and the unit looks okay), chances are both you and I would not be the first to know. Usually, the people within the project would know first and usually, it will be sold to them first. So, waiting to buy may be waiting for a long time until the time when there’s a crisis. I hope not though because when there’s a property bubble kind of crisis, it would have been preceded by an economic crisis and a stock market huge drop first.

Happy viewing and negotiating yeah. We already have the information on what’s the transacted price.

written on 28 jan 2019

Next suggested article: 7 reasons why property prices will still be rising

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