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Malaysia Attracting Expatriate Workers From Around The World
January 1, 2010Article by Ray Withers
Demand for Malaysia property is expected to increase throughout 2010, as the economy continues to recover and the country continues to attract expatriate professionals from the UK, Ireland and throughout the rest of the world.
Many of the people who are buying Malaysia property are young professional families, according to David Cox, a director of international property investment consultancy Property Frontiers.
“Many of these families, which have come to the cross roads of getting onto the property ladder in the UK, are deciding to look abroad for a more stable economy and property market, better job prospects, and generally a better life,” he said.
“Malaysia property hits all the right notes for this type of buyer,” according to Cox.”Of course, the windfall tax on bankers will also become a factor in 2010, increasing demand for overseas property in places like Malaysia, as the city’s hotshots look for places to earn without being penalized,” he added.
The Malaysian economy fell into contraction at the tail end of 2008, and according to the World Bank the rebound began in the second quarter of last year, which means Malaysia held up pretty well against the international downturn.
According to analysts the Malaysian economy is set to grow by between 3 and 5% next year. Meanwhile unemployment has not been anywhere near the problem it has in the west, and job opportunities for foreign professionals are excellent and improving in Malaysian cities.
Because the government has always acted against speculation, the Malaysia property market has also been fairly resilient against the effects of the downturn. While the luxury segment suffered a slow down, residential demand for affordable housing has kept a floor under the market by giving developers a solid income flow throughout 2009. These developers are now coming back to their luxury plans to target the incoming expatriates.
Because the slowdown has left something of a supply overhang, now is an excellent time for foreigners to buy Malaysia property. Developers are keen to clear existing stocks quickly to move into 2010 as a fresh start. This means offers and incentives, but unfortunately not cold hard price cuts.
Property Frontiers are currently marketing the Axis Crown Premier development, in one of Kuala Lumpur’s emerging business boutique districts, namely Pandan. Axis Crown premier represents the pinnacle of modern design for luxury and living convenience as well as being located central to transport links and all amenities. There is also a large host of fitness and R&R facilities within the complex itself, which is perfect for the young professional buyer. Surprisingly prices start from just £90k for a 3 bedroom fully furnished apartment.
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