malaysia property looking like a good bet for strong recovery
News Posted On: 12 November 2009
Now is the time to buy property in Malaysia according to international property investment consultancy Property Frontiers.
The Property Frontiers statement, in a recent news article came in response to the World Bank report into East Asia, which said that Malaysia's economy had bottomed in the first quarter and began to show clear signs of a strong recovery in the second.
The Property Frontiers article said:
The time to buy is now because once the economy starts to grow demand will increase in the commercial sectors (office and retail), which will spur demand for rental accommodation in the residential sectors (luxury and affordable). Rents will rise and prices will begin to rise also. This price growth will be assisted by growth in the cost of construction, including materials and labour (wages).
It is true, the World Bank report on East Asia is indeed very positive on Malaysia's prospects for a strong recovery. It is also true that property prices do tend to grow when an economy is growing strongly. This is both because of the natural process of price inflation, and as a result of strong demand and adequate supply that you only really get during times of economic expansion.
Economic recovery will also make Malaysia an appealing destination to move for work, because of the predominance of English speaking, and similarities with English law. This will cause increased demand in the luxury sectors, where foreigners are permitted to buy.
Like most of Asia, Malaysian banks are also in good shape. This is why economic recovery will bring about a sharp recovery in the property market, because unlike the UK, US and elsewhere credit will actually be available to meet the increasing demand for property.
This is why there are fears of bubbles forming in several Asian property markets. But Malaysia's government has been wary of bubbles long into the past, and has endeavoured successfully to achieve sustainable growth in the property market. This time is unlikely to be any different.
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