Chinese nationals love to buy Malaysia luxury homes.

Chinese nationals love to buy Malaysia luxury homes.

Why do foreigners buy properties in Malaysia? From some friends, I got to know that some of them are buying for their children’s education. Instead of renting a place, why not just buy a property and let the children stay and sell later when the children has finished their studies? Actually, I would think of doing the same if I could afford too so that the money on accommodation is not lost forever. I know, I will have to pay for the interest on the mortgage but this is actually just rental yeah. In fact there is the potential capital appreciation too.

Another reason often mentioned would be for investment. There is a news article saying that Chinese nationals are now inquiring about Malaysia’s luxury homes, especially in some prime areas. Better outlook expected they say. Read on.

Article in straitstimes.com Malaysia is seeing a surge in Chinese nationals inquiring about multimillion-ringgit luxury homes, with investment and education opportunities driving their interest. 

Several real estate firms told The Straits Times that 2024 has seen more people from China looking to buy homes, especially in Kuala Lumpur’s prime areas such as the Central Business District and leafy suburbs, including Bukit Damansara, Bangsar and Kenny Hills. 

Malaysia’s relative political stability and anticipated stronger economic growth compared with a year ago have made it an attractive destination for wealthy Chinese, the firms noted, especially with other countries clamping down on education and business avenues for foreigners.

Industry players said luxury residential property usually refers to units priced at RM1 million (S$300,000) and above. This is nearly twice the average price of a new apartment, which now stands at RM582,887, according to data released by global proptech firm Juwai IQI in its residential sales market report for Malaysia’s first quarter of 2024. The article is long and has many more details. Read here: Article in straitstimes.com

RM1 million is not a very high sum (for some currencies)

Hong Kongers may buy a property with some sea view because they love the feeling of spaciousness from the sea view and of course the actual spaciousness in size of the property they buy as well because a typical 1,000 sq ft condo for example is a super luxury in Hong Kong.

Singaporeans may buy (if we have the RTS up and running) because for a much lower amount than upgrading from a smaller HDB flat to a bigger HDB flat, they could actually get a condo with full facilities in JB instead. Plus buying a car which they could drive during the weekends to many different cities and states in Malaysia for travel too.

British may buy because he / she will not be out of place in Malaysia as most of us speak English anyway. Plus the fact that their savings will be 5-6 times higher which meant a better quality life and it will even give them some lifestyle of the richer few too. Yes, they say it’s cheap to buy a car in Britain, you can get a new car for just £15,000 (RM85,280) but if you stay here, nothing can be better than getting a Proton Saga or a Perodua Axis for less than half of this lah. Drive for 10 years, change to another car and drive for 10 years and you will still just spend the same! 🙂

I could go on but I hope you get the idea, especially for foreigners thinking of buying a property in Malaysia. Do not buy just for the property price. Buy because Malaysia does offer a full package and it’s a very good one. Cheers.

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