Marcus Love to See House
(麦克斯爱看房 )
Look for Your Dream Home from here. A Specialist Landed Property Real Estate in Klang Valley
By Marcus Liew (REN21754)
Credit by: DS'Liew TH
A Comprehensive Guide to Property in Kuala Lumpur
Kuala Lumpur is the capital city of Malaysia and is home to a thriving property market. With a population of over 1.8 million people, Kuala Lumpur is a bustling metropolis that offers a diverse range of properties to suit all tastes and budgets. This article aims to provide readers with a comprehensive guide to property in Kuala Lumpur, including an overview of the types of properties available, the current state of the property market, and the regulations governing property ownership in the city.
Types of Properties Available in Kuala Lumpur:
Kuala Lumpur offers a wide range of properties, from modern high-rise condominiums to traditional landed properties. Condominiums and apartments are particularly popular in the city, with many developers investing in new developments to meet the demand for affordable and convenient living. In addition, there are also many landed properties available, including terrace houses, semi-detached houses, and bungalows. For those who prefer a more traditional lifestyle, there are also heritage properties such as shophouses, which can be found in older parts of the city.
Current State of the Property Market:
The property market in Kuala Lumpur has been growing steadily over the past few years, with many new developments being built to meet the demand for affordable housing. According to a report by Knight Frank, the average price of a high-rise residential property in Kuala Lumpur increased by 1.1% in the first quarter of 2020, indicating a healthy demand for properties in the city. Despite the impact of the COVID-19 pandemic, the property market in Kuala Lumpur has remained resilient, with many buyers and investors still keen to invest in the city's property market.
Regulations Governing Property Ownership:
In Kuala Lumpur, property ownership is governed by the National Land Code, which outlines the rights and responsibilities of property owners. Foreigners are allowed to purchase property in Kuala Lumpur, although there are certain restrictions in place. For example, foreigners are not allowed to purchase properties that are designated as Malay reserve land or bumiputera (indigenous) reserve land. In addition, foreigners are also not allowed to purchase properties that are valued at less than RM1 million (approximately USD 250,000) unless they obtain approval from the Foreign Investment Committee.
Kuala Lumpur is a vibrant and exciting city that offers a diverse range of properties to suit all tastes and budgets. Whether you are looking to purchase a modern condominium or a traditional landed property, there is something for everyone in Kuala Lumpur. By understanding the types of properties available, the current state of the property market, and the regulations governing property ownership, you can make informed decisions when it comes to investing in property in Kuala Lumpur. With its thriving property market and growing economy, Kuala Lumpur is a city that is sure to offer good investment opportunities for years to come.