Hong Kong investors could purchase around 10,000 homes in Malaysia over the next 6 months
According to a property consultant, they get discreet visits from Hongkongers every weekend, with each batch buying about 50 to 100 units
Bruce Lee, a property consultant at VPC Realtors (JB) Sdn Bhd Asia-Pacific, predicted the total amount of Malaysian properties that Hongkongers will purchase over the next six months could accumulate to 10,000 if the political unrest continues, reported The Malaysian Reserve.
The now violent protests had led Hongkongers to consider investing in overseas properties since most of them believe the circumstances could worsen as Beijing takes control of the territory, which includes sending the military.
“Hong Kong buyers have been coming in batches to buy the property in Malaysia. They come quietly every weekend and buy around 50 to 100 homes per batch. They have acquired more than 1,000 units in overall Malaysia to date,” said Lee.
From June to August, Hongkongers have already bought 500 properties in Malaysia, with each property costing about MYR1 million or USD240 thousand.
If they do purchase the predicted 10,000 units, the total amount could reach MRY10 billion.
More: Malaysia looks at reducing foreigners’ property purchase threshold
Lee explained that the growing investors from Hong Kong could help reduce the number of overhang units in the country, of at least 10 percent.
Hongkongers see Malaysia as a more viable option compared to Singapore as it is home to 32 million Chinese and require cheaper property investment capital.
Georg Chmiel, executive chairman of Juwai.com, ranked Malaysia as the fifth-most favoured country for Chinese property purchasing inquiries across the globe in the first half of 2019.
“Chinese made 16.5% more inquiries on Malaysian property in the third quarter (3Q) than in the same quarter of 2018. Buying inquiries have declined from their peak in the 1Q, but remain above the average level of 2018,” he added.
He said that Malaysia appealed to investors who are looking for a high quality of life, modest standards of living, accessible educational facilities, and highly-rated medical institutions.
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