Real estate within the city centre and urbanities continue to boom!
Putrajaya is the administrative government city. Kuala Lumpur remains the capital. Malaysia population is 30 million. It is estimated that Peninsula Malaysia (with the exception of Sabah and Sarawak) has a total population of 25 million. Greater KL is projected to have a population of some 10 million in 2020. From a historical perspective, property prices in Malaysia especially within Greater Kuala Lumpur, started to soar and skyrocket in the early 80s for almost 30 years now. Then at around 2013, prices began to stall or stagnate. Nevertheless, property developers have rather huge land banks. Moreover, when they do develop, they sell their properties at an over-inflated price, almost five years ahead. But places like Bangsar, Hartamas, Damansara, Petaling Jaya, and Subang Jaya, these areas will never fall in prices. A terrace link house in Damansara Heights was priced at around RM60k in the 1980s, however now it fetches a whopping RM1.3 million!
A local property fair located within the city centre – real estate prices continue to soar and skyrocket!
For Putrajaya, it really depends on where you purchase your property. If it is within a CBD, make sure it is not overpriced. One piece of sound advice though is never to buy at secluded areas even if the deal is too good to pass. In addition, property prices within Greater KL will not be falling anytime soon. Premium priced condominiums selling above 600k will be as affected by the exorbitant price hikes. If you really want to own a piece of property, buy sub-sale, there are still many established townships in Kuala Lumpur, Petaling Jaya, Subang Jaya, Shah Alam, and Cheras that fetch around RM1.1 – 1.3 million for a terrace link house. But you need to spend 100k for renovation and repairs. Avoid buying a new condo unit far from the city which sells for between 600k – 1 million. It is definitely not worth it!