KUALA LUMPUR – Malaysia is seeing a surge in Chinese buyers inquiring about multimillion-ringgit luxury homes, with investment and education opportunities driving their interest in residing there. Several real estate firms told The Straits Times that 2024 has seen more Chinese nationals looking to buy homes, especially in Kuala Lumpur’s prime areas like the central business district and leafy suburbs, including Bukit Damansara, Bangsar and Kenny Hills. Malaysia’s relative political stability and anticipated stronger economic growth than a year ago have made it an attractive destination for wealthy Chinese, the firms noted, especially with other countries clamping down on education and business avenues for foreigners.
Industry players said luxury residential property usually refers to those priced at RM1 million (S$300,000) and above . This is nearly twice the average price of a new apartment, which now stands at RM582,887, according to data released by global proptech firm Juwai IQI in its Residential Sales Market Report for Malaysia’s first quarter of 2024. Every year, Juwai IQI receives thousands of inquiries from potential foreign buyers.
And in the first quarter of 2024, the number of inquiries from Chinese buyers rose by 42 per cent from the preceding quarter, said its chief executive officer, Mr Kashif Ansari. “The 42 per cent increase in inquiries by Chinese buyers resulted in a similar increase in buyers purchasing homes. They made up the largest segment of .