KUALA LUMPUR, Aug 13 — Malaysia is witnessing a notable rise in inquiries from Chinese nationals about luxury homes, with investment and educational opportunities driving this trend. Singapore daily The Straits Times reported that according to real estate firms 2024 has seen increased interest in properties, especially in Kuala Lumpur’s prime locations such as the Central Business District and upscale areas like Bukit Damansara, Bangsar, and Kenny Hills. According to Juwai IQI, luxury residential properties, typically priced at RM1 million (S$300,000) and above, are in high demand.
This figure is nearly double the average price of new apartments, which stands at RM582,887, as reported by the global proptech firm. Juwai IQI CEO Kashif Ansari told the Englis daily that there was a 42 per cent increase in inquiries from Chinese buyers in the first quarter of 2024 compared to the previous quarter. “The 42 per cent increase in inquiries by Chinese buyers resulted in a similar increase in buyers purchasing homes,” Ansari told The Straits Times.
He added that Chinese buyers now make up the largest segment of foreign purchasers in Malaysia, focusing on properties in Kuala Lumpur and Johor priced up to RM2 million. Despite a global trend of Chinese investors offloading overseas properties due to rising mortgage costs and a slowing Chinese economy, interest in Malaysian real estate remains strong. The report said the revamp of the Malaysia My Second Home (MM2H) residency visa s.