8.8 million population has been reached! (what an auspicious number indeed)

8.8 million population has been reached! (what an auspicious number indeed)

We are talking about the city which I have made my home 11 years ago; Kuala Lumpur. Every time someone asked if I miss Penang since I have worked there for 15 years, I told them a firm no. It’s not an apple to apple comparison yeah. Penang is a great place for engineers for example. However Kuala Lumpur attracts diverse companies and thus provide a lot more diverse job opportunities.

In fact if we are to compare the regional headquarters of companies, it’s also usually in Kuala Lumpur yeah. Financial institutions are also headquartered in KL too. We have yet to include many of the technology firms as well because of the availability of a larger pool of talents too. This is why when it comes to the price of properties, Kuala Lumpur always have the highest average property price. Now for the official good news.

Article in themalaysianreserve.com. Kuala Lumpur’s population is estimated to exceed 8.8 million, with an annual increase of 2.25 per cent compared to last year, said Minister in the Prime Minister’s Department (Federal Territory) Dr Zaliha Mustafa.

She said the population is expected to hit 9.8 million by 2030 and the rapid development requires the Kuala Lumpur City Hall (DBKL) to be more proactive in planning and providing infrastructure.

“This population growth not only involves natural increase in city areas, but also migration to the city from rural areas,” she said.

“This puts pressure on the existing infrastructure and demands that we provide a better basic service to all city dwellers so that Kuala Lumpur becomes a liveable city. Issues such as air pollution and lack of green spaces are also among the main concerns that need to be overcome.” Do read the full article here: Article in themalaysianreserve.com.

What has happened for the property price in Kuala Lumpur?

If we assume it has not changed a lot within the past 3 years, then the below is a 20 year trend published in 2022 by edgeprop.my

Kuala Lumpur has shown the highest annual price increase among all the states in Malaysia and more importantly, the average property price is also much higher than other states too. If someone had told me my property will increase in price by 5.6 percent every year 20 years ago, I would have bought more. Haha. Just joking. If they told me that it will rise by 5.6 percent every year, I would laugh at them and tell them to go home lah. That’s why I still have to work very hard today loh.

Imagine, just imagine if I bought 4 properties of RM245,000 in 2000, the properties would have made me a multi-millionaire by 2021! RM708,000 x 4 = RM2.8 million! This is why property investment is a great hedge against inflation because it’s usually faster lah. What will happen 20 years later? Well, maybe I will write a similar article. We shall see.

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