Mont Kiara Property Prices Guide
Mont Kiara is a neighbourhood with a reputation for rapid development and an affluent suburban lifestyle. This is a suburb dominated by high-rise developments and condominium complexes, with a substantial expat population living alongside local residents, tantalised by the trendy feel of the neighbourhood.
While a Mont Kiara condo might be the height of urban aspiration for many youths in Kuala Lumpur, the neighbourhood’s property market has seen some interesting valuation shifts over the last two years.
Exploring sales trends of properties in the area reveal some fascinating insight about Mont Kiara house prices. Analysing data from over 42,000 units sold in this area over the last 12 months on PropertyGuru reveal a median unit price of RM1.7 million across the neighbourhood.
While that’s much higher than the equally affluent and neighbouring suburb, Sri Hartamas, the difference potentially reflects the breakdown of property type between the areas, with condos making up much of the prime real estate in Mont Kiara.
Mont Kiara Bungalow Prices
First up, though: Bungalows, which are often the peak of desirability in affluent Kuala Lumpur neighbourhoods, where Mont Kiara is no exception. The price per square foot (psf) of bungalows in the area sits at RM1,426 averaged over the last 24 months.
This average price is balanced over a two-year period of highs and lows for bungalow prices in the neighbourhood, with a low of RM1,199 psf in June 2018, growing to a peak of RM1,541 in March 2020. 2018 and 2019 saw a gradual increase in prices, which then dipped to a low of RM1,306 in September 2019, before it recovered and went on to reach the peak this year.
Bungalows remain an attractive part of the high-end market, and current valuation insight from PropertyGuru sales data reveals bungalow prices enjoying a steady rise to start 2019.
Mont Kiara Condominium Prices
When buyers think of Mont Kiara, the image that comes to mind is likely that of a luxurious condo that’s set within this desirable neighbourhood. Mont Kiara certainly has a wealth of such property on offer. Affluent investors or home buyers could aspire to a five-bedroom condo in Mont Kiara with prices reaching as high as RM21 million!
Taking a wider view, average across the neighbourhood reveal a healthy valuation growth beginning August 2019, following a steady decline since September 2018. Over the last two years, average valuations for condominiums in Mont Kiara stood at RM865 psf. A low of RM809 psf in July 2019, has shown exponential growth to reach a peak of RM964 by June 2020.
While Mont Kiara witnessed rapid property and valuation growth in its boom years, industry opinion tends to have the view that price ranges for a condo in the neighbourhood have now broadly stabilised.
Mont Kiara Semi-Detached House Prices
Semi-detached houses in Mont Kiara have shown a steady downward trend in price per sq ft since 2018, according to PropertyGuru sales data. From RM778 psf in June 2018, it dropped drastically till January of 2019.
While the rate of decline slowed and seemed to be on a stable sideways trends, it once again dropped to reach its lowest at RM604 psf in July 2019. It once again started a slow climb to reach RM676 as of June 2020.
This price change could indicate that semi-detached houses in this desirable neighbourhood entered a buyers’ market scenario in 2019, with subdued pricing creating a potential opportunity for purchasers and investors alike.
Mont Kiara Terrace House Prices
Terrace houses in the Mont Kiara neighbourhood have shown a promising climb over the last 10 months, with minimal price fluctuations revealed in PropertyGuru’s sales data. From its lowest point in August 2019 (RM407 psf), it now sits at RM578 psf to-date. An average of RM522 psf in the last 24 months demonstrates that this type of property in this upmarket district is becoming more geared towards the buyers’ market over recent months.
Mont Kiara property trends
While the area has experienced a decade or more of rapid growth, new property in Mont Kiara is still under development. Residensi Astrea Mont’Kiara and Residensi Solaris Parq are the two major developments set to add new units to the suburb over the next few years, with prices ranging from RM740,000 up to RM1.745 million.
These developments offer exciting new additions to a landscape emerging from the challenges of a property overhang, evidenced by the moderate 17.1% CAGR (compounded annual growth rate) in median prices of Mont Kiara properties sold on PropertyGuru in the 12 months from June 2019 through to June 2020.
With current market conditions in 2020, if you’re looking for a Mont Kiara house for sale, then it may not be a bad time to explore what’s available.
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