now is the right time to buy property in malaysia
News Posted On: 14 April 2009
There has rarely been a better time for foreigners to buy property in Malaysia, according to a local market expert.
Malaysia is attractive to those considering buying a property abroad for a number of reasons, including minimal restrictions on foreign ownership and the availability of five-year multiple-entry visas, which are ideal for holiday home owners.
Many international real estate market commentators also believe that property in the country is undervalued when compared to most of its neighbours.
Previndran Singhe, chief executive officer of Zerin Properties, told the Star that continues to be the case, despite the Malaysian property market not experiencing the kind of problems recently seen in Singapore and China.
"It's a great time to buy now. Interest rates are at a historical low in more than 25 years, developers are providing super packages, and sellers are more realistic in their pricing," said Mr Singhe.
He added that although prices in Malaysia as a whole have not fallen anywhere near as far as those in many countries in recent months, property values in Kuala Lumpur have plummeted by more than 20 per cent.
This represents a significant change from 2008 when the capital's prime property market experienced price growth of 15.8 per cent, according to figures compiled by real estate adviser Knight Frank.
By Matthew Bonner
Overseas Property - serving the overseas property market since 1992.
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