There are many reasons why Malaysians buy overseas property. Maybe they wanted to be ready for their children’s education. This is future planning. Maybe their children is now studying there and needed a place to stay anyway, so better buy one versus renting. Else, by the end of the degree, the cost of education has to also include the loss from the rental! This is called financial planning.
Of course, there is also that group who is looking to become a Permanent Resident in Australia too. For these, they HAVE to buy a place there. Things have however changed. It seems that Malaysians are now putting Singapore as the top destination for property buying now and no longer Australia.
Article in nst.com.my. Juwai IQI co-founder and chief executive office Kashif Ansari said that Singapore has become the prefered destination for home buying as compared to Australia in the past. He believes that this could be due to the Covid-19 pandemic which shook up property buyers and changed their preferences.
Singapore has become a more popular destination because of its proximity and stability. Meanwhile official data from Singapore’s Urban Redevelopment Authority reveals that Malaysians are the second most-active foreign buyers of non-landed private homes in Singapore. Please do read the full article here: Article in nst.com.my
I am not so sure about many Malaysians but if I only get to choose between Australia or Singapore for my children’s education, then it would be Australia. One major reason is also because I really like Australia having visited Perth two times, Melbourne and even Sydney. There’s just so much nature to see as well. Do not get me wrong yeah. I love Singapore for its cleanliness and uniformity and certainty but that’s about it. if the choice is between the UK or Australia, then it’s definitely the UK yeah. Haha.
Property investment will always be loved by Malaysians
I think this top 5 list for property destination among Malaysians may change but property will remain an investment class which is loved by Malaysians. Just look at the 75,000 residential property transactions in H1 2020 despite the Covid-19 pandemic lock down! That includes me too though that statistics in H1 2020 did not include my property purchase. When they release the H2 2020 residential property transactions, it will include mine. Yes, I continue to believe in property investment even if I do not believe in having all eggs in one basket. Happy investing!
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