Interest in multimillion-ringgit luxury properties among Chinese nationals is on the rise in Malaysia, driven by opportunities for investment and education.
Industry experts define luxury residential properties as units priced at RM1 million (S$300,000) or higher, which is nearly double the average price of a new apartment, currently at RM582,887, according to Juwai IQI’s residential sales market report for Malaysia’s first quarter of 2024.
Real estate firms report that 2024 has witnessed heightened interest in properties, particularly in Kuala Lumpur’s prime locations like the Central Business District, as well as affluent areas such as Bukit Damansara, Bangsar, and Kenny Hills.
Juwai IQI receives thousands of inquiries from potential foreign buyers annually. In the first quarter of 2024, inquiries from Chinese buyers increased by 42 percent compared to the previous quarter, according to CEO Mr. Kashif Ansari.
“The 42 percent increase in inquiries from Chinese buyers has translated into a corresponding increase in property purchases.
They represent the largest segment of foreign buyers in Malaysia, primarily seeking landed or high-rise apartments in Kuala Lumpur and Johor, with prices up to RM2 million.”
Kashif Ansari
Additionally, the revamped Malaysia My Second Home (MM2H) residency visa program, effective June, now requires foreign residents to purchase property in Malaysia.
As of early 2024, Malaysia has climbed to become the second most favored Southeast Asian destination for Chinese real estate buyers, surpassing its third-place position in 2022. Thailand remains the top choice.
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