The Main Things to Know Before Investing in Malaysian Property in 2021
Too many people end up getting stuck waiting for the market trends to improve when looking to buy a home, which could ultimately leave them missing out on some awesome deals. If you are looking to purchase a new property in Malaysia, the best thing to do is educate yourself on how to spot a good deal, and act on any deals that you find as soon as you have the opportunity to do so. If you have found a house that you like and are able to invest in it, the quicker you act, the better. In 2014, the Malaysian government introduced a range of policies to help make things easier for home buyers in Malaysia. This includes overseas buyers, although there is a minimum spend of RM1 million for foreign buyers to help locals get on the property ladder. Here are some key things to know before you invest in Malaysian property if you want to buy as soon as possible.
High Rises and Terraced Houses Are Popular
If you are looking to purchase an investment property in Malaysia or want to buy a house or apartment to sell in the future, it’s worth bearing in mind thatterraced housesand high-rises tend to do better compared to other types of properties, including detached homes. After two financial crises, experts found that these types of homes typically rebounded faster. Once of the main reasons for this is that they tend to be located close to the city and the action, making them a popular choice among a lot of buyers.
The Market Will Recover from COVID-19
The COVID-19 pandemic has affected housing markets all around the world. At the beginning of the pandemic, the situation with properties in Malaysia involved a short-term slowdown, which was similar to the rest of the world. However, experts suggest that the prospect for recovery is high and with the pandemic now almost under control in most of Asia, it’s looking likely that the property market is going to soon bounce back and recover better than ever.
It’s Prime Time for Some Buyers
During and after COVID-19 might be the best time to buy a house for some buyers, particularly owner-occupiers and long-term investors who are in a position to do so. Property prices in Malaysia have been decreasing since 2016, and COVID-19 has only added to this. For those who are looking to get a great deal on a property to live in when relocating to Malaysia, this means that now might be the best time to buy and save money. For investors, this could also lead to a bigger future ROI given that the market is expected to quickly rebound in Malaysia.
Main Things to Consider
If you are thinking of purchasing property in Malaysia, there are some main things to consider before you get started. These include:
New Developments or Subsale Properties?
Whether to buy a subsale – or preowned – property, or opt for a property from a new development is one of the main questions that many first-time buyers in Malaysia ask. Many people prefer new developments for a range of reasons including more financing options, less capital outlay, and a wider range of package deals on offer. On the other hand, subsale can be ideal if you are looking for a property to move into right away. PropertyGuru is the best place to look for your perfect Malaysian home. As the number one property search site in Malaysia, you can find rumah melaka, apartments, condos and other properties for sale in many popular areas.
Best Time to Buy
If you are concerned about the current property market situation in Malaysia due to the COVID-19 pandemic and are wondering when the best time to buy might be, experts suggest waiting for asking prices to start rising again. This gives you a good chance of catching the bottom out effect and typically happens around 6-12 months after a crisis. That being said, now is a good time to start searching, looking at your options, and making sure that you are financially prepared to snap up a good deal. However, it’s worth keeping in mind that prospects might vary depending on the area, and prices can be difficult for anybody to predict. So, don’t wait around if you find your perfect property in Malaysia that’s at a reasonable price you are happy with and can afford; there’s nothing stopping you from investing in property right now if you are ready to.
Whether you are looking to move to Malaysia or want to buy an investment home that you can stay in and rent out for some of the year, there are several options to consider. Despite the effect of COVID-19 on the housing market around the world and in Malaysia, the situation is set to improve and there are plenty of reasons to buy as soon as possible.