Property prices in Kuala Lumpur

Hi, just to share my experience about finding a place to stay in Malaysia. Initially it was very tough. When we first arrived in Malaysia, we lived in a small studio apartment in Nilai as my husband was teaching at one of the nearby colleges. It was only a single room studio apartment.

Five months later we had to move to KL because my husband was offered a teaching position at another college. It took us two months to secure a nice apartment. Almost all the places we came across was either too run down or simple requires a lot of investment to make it presentable. Most of them are not furnish and are very old apartment. I realize that most house owners simply buy an apartment for investments and then leasing it out with an expectation that the tenant will invest on improving the condition of the house (e.g. painting, install curtains, install nice lightings etc.). At the end of the contract, the owner will walk away with a nice apartment that has been repaired to a living condition.

I also realize that the locals who lease the apartments are usually those out of town working in KL who doesn't care about the house condition as they have their own house in other states. So living in a badly ruined house is a temporary accommodation for them. After a period of time, If their job stabilizes, they will then purchase a house near their work place. Good housing agents are also difficult to get because they will frown at you if you keep refusing all the houses that they've shown you.   

My advise to those who are searching for an apartment is to be selective and ignore any pressure from the housing agents or house owners. Demand for repairs or installation to make the house presentable. Do not spend on immovable assets such as curtain railings (which may cost several thousand), lightings, plumbing and electrical installation. These are investments that will only benefit the owner. Check on the market rate before you sign the contract. Each area has its own rental rate. If you are not sure, seek other people's opinion and tell the agent that you need time to consider.

Good luck

Hi

Kuala Lumpur offers ample choice for renting as per the tenant's budget and preference. Residing near the place of work or school is preferred to avoid peak hour traffic which can be a bit too heavy though not as bad as Jakarta or Bangkok.

For expats PJ, Jalan Ampang, Mont Kiara, Damnsara, Hartamas, Bangsar is a good choice as International schools, Malls and eateries are in its vicinity or within 15-20 minute driving distance.

I would advise a visit to iproperty.com.my or prop guru.com for a good insight into offers for sale or renting available depending on the area of choice and budget depending on proximity to place of work or school as per one's requirement

Regards

Anant

Priscilla wrote:

Hello everyone,

Finding affordable housing in Kuala Lumpur is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Kuala Lumpur?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

I am a realtor in KL and I used to live in the States. Here's my take...

1. When you mention affordable housing, it really depends on the kind of area you are willing to contend with. For example, living in a suburb like Cheras/Old Klang Road is incomparable to living in a high expat population of areas like Bangsar or Mont Kiara. The lifestyle is different, the social class is different etc. If you do not mind standing out and interacting with middle class locals, surely living in areas like Cheras/Old Klang Road would be alot more affordable.

2. Most desired places to live? Well this really depends on how deep your pockets are. Even middle class locals dream of living in areas like Bangsar, Mont Kiara, KL Sentral or Uthant.

3. I cannot answer you on what the average cost of a rented flat is because it depends on the suburb. The average rental costs for a flat in Bangsar/Mont Kiara/KL Sentral could start from RM3000 and above. First and foremost, you must know how much your willing to part with on rent. As a realtor, the best i can advice on is based upon your budget.

4. The most important real estate legal provision that foreigners are subjected to is the fact that foreigners are only allowed to purchase properties that are priced above RM1000 000. There are of course ways around this - and one of em is that developers will give you a cash rebate of the difference between the value of your home and the RM1mill mark if you so decide to purchase a home at RM800k for example.

5. Property tax for foreign ownerships? You can refer to this: http://www.globalpropertyguide.com/Asia … -and-Costs