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Time To Buy In Malaysia Say Experts
March 2, 2010Article by Ray Withers
Now is the time to buy Malaysian property according to experts, because demand is increasing and the phenomenally low prices can only go in one direction. This is according to recent statements from international property investment consultancy Property Frontiers, director of the firm David Cox said:
“We didn’t think Malaysian property () prices would fall because regional demand propped up developers’ cash-reserves. And, according to the hard-facts prices haven’t fallen. However, when you look at some of the newly launched luxury developments, and the prices they are launched at, if you know anything about the market, you know that launch prices in the past 12 months have been a lot lower than the same property would have been launched at in 2006-2007.”
“With demand for property seen increasing since the middle of last year, as young professionals from around the world come to Malaysia’s favourable environment to find work, the low prices will become unsustainable for Malaysian property developers as time progresses.”
Property Frontiers are currently marketing several such new luxury developments in Kuala Lumpur. The most special of which is arguably the Axis Crown Premier development , which offers supreme luxury apartments in one of KL City’s fastest emerging suburbs from just £90,650 for a 3 bedroom unit.
That price is incredible for a 3 bedroom apartment in any capital city, but when looked at along with the impressive location and range of facilities and amenities in the development, it becomes even more special.
Adding to the wow factor is the fact that the apartments come fully and luxuriously furnished, and 60% finance is available — meaning that the minimum outlay is £37,000 to become the proud owner of a chic KL City pad.
It is prices like that which are attracting droves of young professionals from Britain and around the world to go to Malaysia in search of better job opportunities and ultimately a better lifestyle than they could have at home. Further attractions for this buyer group are the availability of finance, the favourable tax regime, and the fact that property owners are automatically granted residency to Malaysia.
The Malaysian economy suffered among the shortest recessions as was seen during the recent crisis, with the World Bank marking the rebound to have begun in the second quarter of last year, and us all knowing that the recession started in the 3rd quarter of 2008. In the past few months, and proceeding into the middle of 2010 that rebound has grown/is growing into a full scale economic recovery.
Job opportunities are once again growing in Malaysia’s rapidly expanding retail, financial and IT sectors, and as this continues the numbers of professionals entering the country will continue to grow.