Still thinking? Excellent reasons to buy from the secondary property market

Still thinking? Excellent reasons to buy from the secondary property market

I have always liked the secondary property market.

Maybe because I like to see what I am buying.

When I buy a secondary property, I can walk into the actual unit.

I can look at the view. I can check the condition. I can ask the neighbours.

I can look at the car park.

I can see whether the swimming pool is actually being used.

And most importantly, I can ask:

“How much are people actually paying for this property?”

That is quite different from buying something that is still on a brochure.

My original article was written many years ago, but I still believe the secondary market deserves much more attention from Malaysian buyers.

In fact, with the latest property-market data available, I would say it may be even more relevant today.

#1 – WHAT YOU SEE IS WHAT YOU GET

This is probably my favourite reason.

When buying a new project, I may be looking at a show unit.

Everything is clean.

Everything is nicely decorated.

The furniture is perfect. The lighting is perfect.

The swimming pool looks fantastic. Then I wait two or three years.

Finally, I get the keys.

And I discover:

“Eh… why is it not like the showroom?”

Haha.

With a secondary property, there is much less imagination involved.

You see the actual unit.

You see the actual building.

You see the actual surroundings.

You know whether the road is noisy.

You know whether the afternoon sun is terrible.

You know whether the lift takes forever. (Yes, HUGE difference when a lift is fast or when a lift is slow…)

You know whether the neighbours are renovating.

These are things a brochure cannot tell you.

#2 – YOU CAN NEGOTIATE WITH THE OWNER

This is another reason I enjoy the secondary market.

When buying from a developer, the price is usually structured by the developer.

There may be rebates. Free legal fees.

Free renovation. Discounts. Promotions.

But ultimately, the developer has a price they are trying to achieve.

With a secondary property, you are negotiating with an actual owner.

And sometimes the owner has a reason to sell.

Perhaps they have upgraded to another home.

Perhaps they are relocating.

Perhaps the property has been vacant.

Perhaps they need cash.

Or perhaps they simply want to move on.

That doesn’t mean every seller will give you a bargain.

But it creates something I like:

Room for negotiation.

And when the market is slower, this becomes even more interesting.

My original article made this point years ago — when the market slows down, I actually like bargain hunting.

I still do.

#3 – YOU CAN CHECK THE ACTUAL MARKET VALUE

This is a big one.

Suppose I find a new condominium selling for RM600,000.

The salesperson tells me:

“This is a very good price, Charles.”

Okay.

But compared with what?

With a secondary property, there are usually completed units around the same area.

I can compare:

RM550,000.

RM580,000.

RM600,000.

RM620,000.

Then I can ask:

“What is the actual transaction price?”

That makes the decision much more grounded.

NAPIC continues to publish actual property transaction data, including the latest Q1 2026 transaction tables for Malaysia and individual states. 

For me, this is one of the most important advantages of the secondary market.

I can compare the price against something that already exists.

Not merely against what someone says it will be worth in three years.

#4 – RENTAL INCOME CAN START IMMEDIATELY

This is particularly important for investors.

If I buy an under-construction property, I have to wait.

Construction. Completion. Vacant possession. Renovation. Tenant search.

Then finally:

Rental income.

With a completed secondary property, the process can be much shorter.

If the unit is already tenanted, I can even examine the actual rental arrangement.

How much rent? How long has the tenant stayed? Who is the tenant?

What are the maintenance costs?

What is the actual rental yield?

Again, I don’t have to guess.

I can look.

I can ask.

I can calculate.

That’s the difference between projecting an investment and examining an investment that already exists.

#5 – THE BUILDING HAS A TRACK RECORD

This is something I value more as I become older.

A new development has a future.

A completed development has a history.

And history tells us a lot.

Is the management good?

Are maintenance fees collected?

Are the facilities maintained?

Are there many units for rent?

Are there many units for sale?

Is the building well occupied?

Is there enough parking?

Are there recurring problems?

What do existing owners think?

Some buildings are 10 or 15 years old and still look fantastic.

Some are only a few years old and already look tired.

Age isn’t everything.

Management matters.

And a secondary property gives us the opportunity to investigate all this before committing.

#6 – MALAYSIA ALREADY HAS A HUGE EXISTING HOUSING STOCK

This is something I wrote about previously and it remains relevant.

Why do we assume that our only choice is to buy new?

Malaysia already has millions of completed homes.

In fact, NAPIC’s latest market reports show just how large the existing property market is, while new residential launches in 2025 fell 14.9% to 64,487 units, with only 35.5% of those new launches sold during the year. 

This is interesting.

There is already a huge pool of existing properties.

And some of them are in very good locations.

Established neighbourhood.

Mature infrastructure.

Schools.

Food.

Public transport.

Shopping.

Hospitals.

And sometimes all of these are available today.

A new project may promise all these things in the future.

A secondary property lets me see whether they already exist.

SO, IS NEW PROPERTY BAD?

No lah.

I have bought both primary and secondary properties.

Both have their advantages.

A new project may give me:

• New facilities
• Modern layouts
• Developer incentives
• Lower initial maintenance
• Newer building specifications

There are good reasons to buy new.

But I don’t believe that new automatically means better.

And I definitely don’t believe that secondary automatically means cheaper.

The right comparison is always:

What am I getting for the price I am paying?

A RM600,000 new property isn’t necessarily better than a RM550,000 secondary property.

And a RM550,000 secondary property isn’t necessarily a bargain.

The location, condition, rental, surrounding supply, management and actual transaction prices all matter.

WHAT WOULD I DO?

Personally, I like to look at both.

If I find a new development that is genuinely attractive and well-priced, I will consider it.

But I will also search the secondary market.

Because sometimes the property I really want has already been built.

Someone else has already paid for the renovation.

Someone else has already tested the building.

Someone else has already discovered the good and bad points.

And perhaps, after five or ten years, the property is now available at a price that makes much more sense.

That is where I see the opportunity.

I have properties in different cities and towns in Malaysia, and one thing I have learnt from doing this over the years is:

Property investment is not about buying the newest property.

It is about buying the right property at the right price.

Sometimes that property is brand new.

Sometimes it is 10 years old.

Sometimes it is 20 years old.

I don’t really care.

If the numbers make sense, the location makes sense and the property fits my objective, I am interested.

And that’s why I continue to believe the secondary property market is a smart choice.

Not because every secondary property is a bargain.

But because it gives us something very valuable:

And sometimes, the best property isn’t the one with the most beautiful showroom.

It is the one that has already proven itself.

Happy property hunting.

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Sources

Kopiandproperty — “Top 3 states with most residential property transactions?” — earlier discussion of the importance of the secondary market and the “what you see is what you get” advantage. 

Original Kopiandproperty article — “Why the secondary property market is a smart choice” — the original article and the starting point for this refresh. Original Kopiandproperty article

NAPIC — Property Sales Data — official Malaysian property transaction tables, including Malaysia and state-level Q1 2026 transaction data. NAPIC Property Sales Data 

NAPIC — Latest Publications — official latest property-market publications, including Q1 2026 transaction data, residential stock, market status and house-price information. NAPIC Latest Publications 

NAPIC — Property Market Status Report 2025 — official data showing 64,487 new residential units launched in 2025, down 14.9% from 2024, with 35.5% annual sales performance. NAPIC Property Market Status Report 2025 