Foreign property investors have been urged by a leading Hong Kong newspaper to consider the merits of buying homes in Malaysia. The Standard calls Malaysia Ã¢â¬Ëa hot spot for foreign investmentÃ¢â¬â¢ with Ã¢â¬Ëprospective economic growth, stable housing market and [a] pleasant living environmentÃ¢â¬â¢ continuing to attract home buyers.
We look at the benefits of buying property in Malaysia.
Kuala Lumpur and Penang popular with overseas property buyers
The newspaper reports that many overseas investors are turning to property in Malaysia. One reason is that prices in the country are lower than in other countries in the region including Hong Kong and Singapore.
The Standard reports that Ã¢â¬Ëthe stable price level, high GDP growth, guaranteed rental yields and Malaysia's similar culture, also make the country a desirable housing optionÃ¢â¬â¢ for people looking in the region.
Kuala Lumpur is the capital and most developed city in Malaysia and appeals to overseas property buyers for its comparatively relaxed real estate regulations and inexpensive living costs. Property prices in the city have risen by 15 to 30 per cent over the last five years, offering excellent potential for capital growth. Prices range from around 1,000 ringgit (ÃÂ£205) to 2,000 ringgit (ÃÂ£409) per square foot.
And, as a great number of expats live in the capital, there is also strong rental demand for property.
Another location favoured by many overseas buyers is Penang, a thriving state on the northwest coast of peninsular Malaysia. 28 per cent of MalaysiaÃ¢â¬â¢s foreign direct investment in 2010 and 2011 was in the Penang region.
Penang boasts a vibrant economy and young population of 1.6 million. In addition, George Town, Penang's capital and a Unesco historic city, is ranked the eighth best place to live in Asia by ECA International.
The Standard reports that Ã¢â¬Ëproperties in the region have a proven track record...with prices expected to increase steadily over the next four years.Ã¢â¬â¢