It’s easy to see why Kuala Lumpur has become one of the best cities to live in Southeast Asia. It is well-developed, offers great medical care, is home to some of the best cuisines in Asia, and the weather is great. In addition, if you are relocating from an English-speaking country, you’ll be glad to hear that most of the locals are fluent in English so there’s no problem when it comes to making new friends and communicating in your native language. Even better is that property here is surprisingly cheap when compared to other popular places like Mainland China, Hong Kong, and Singapore. If you’re considering moving to Kuala Lumpur or another key area in Malaysia, here’s what you need to know about buying a condo.
Finding Your Ideal Home
You can use PropertyGuru, the number one property search site for Malaysia, to find your perfect condo in Kuala Lumpur or other areas. Here you can find rumah kondo options and much more with plenty of options to look at if you want to find somewhere to live in Malaysia that is perfect for you. Kuala Lumpur in particular is an excellent choice when it comes to the range of different places to live with high-rise city apartments and condos to choose from, or semi-detached, terraced, and cluster houses located in the suburbs but close enough to the city to still be near the action.
Minimum Investment Requirement
If you are an overseas buyer interested in Malaysian condos, one of the main things to be aware of is the minimum investment requirement for foreign buyers. Although overseas buyers are welcome to purchase any type of property in Malaysia, including both landed houses, condos and apartments, and commercial property, condos often offer more convenience for overseas buyers. The minimum investment amount for overseas buyers in Malaysia is set at RM1 million unless you are eligible for the Malaysia My Second Home (MM2H) scheme, where RM500,000 is the minimum in most areas. In Kuala Lumpur, the average price of housing is RM750,000, leaving you with the option to buy a well-above-average condo for the minimum investment price.
The Property Market
Since 2021, property prices have been declining in Malaysia – and Kuala Lumpur has also experienced a downturn in prices. The COVID-19 pandemic has also impacted the property market in Malaysia, in a similar way to many other countries around the world. This is especially true for foreign investors who may not have found it as easy to invest in property in Malaysia due to travel restrictions over the past year. The good news is that experts predict that the property market is going to bounce back quickly, and with prices low right now, it might be the best time to consider investing in a condo rental opportunity for a high-income yield in the future.
Can Overseas Buyers Purchase Freehold Property?
Yes – overseas buyers should not have any issues when it comes to buying freehold properties in any area of Malaysia. Malaysia is one of the best countries for foreigners who are looking to invest in property, with some of the most overseas-friendly ownership regulations in Southeast Asia.
Can I Get a Long-Term Visa for Malaysia?
The MM2H scheme allows foreigners to obtain a visa that allows them to stay and live in the country for up to ten years. If you are eligible for this program, you can also benefit from a lower minimum spend on any property that you decide to invest in. However, you can still purchase property without the MM2H scheme, and there are other visa options available. As long as you are not employed in Malaysia, you can stay on a 90-day tourist visa and simply leave the country for a couple of days to renew it each time it is close to expiring.
Is There a Limit on How Many Units Foreigners Can Buy?
While there are no official restrictions on the number of condo units that overseas investors can buy, there are minimum investment requirements that may differ depending on where you are buying property in Malaysia and if you are eligible for the MM2H program. In Kuala Lumpur, this amount is set at RM1 million.
Why Buy a Condo in Kuala Lumpur?
Kuala Lumpur is one of the most developed and modern cities in Asia. Compared to places like Hong Kong, it’s surprisingly cheap. Getting around the city is easy with great infrastructure and transport links, and it’s ideal for ex-pats and foreign investors due to the range of languages spoken including English and Chinese. Condos are the ideal investment for people who are looking to relocate to Malaysia or investors who want to take advantage of the high demand for rental properties in the city.
Condos are some of the most popular property investment options for foreigners in Malaysia, particularly in the city of Kuala Lumpur.
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