Prices of residential properties in Kuala Lumpur rose 5.1 percent in 2016, while that in Singapore declined by 2.6 percent, according to the latest report from Knight Frank.
As a result, the Malaysian capital took the 79th spot among 150 metropolises in terms of price growths in the property consultancy’s Global Residential Cities rankings.
According to Knight Frank Malaysia’s Managing Director Sarkunan Subramaniam, residential values in Kuala Lumpur continues to increase despite the soft property market.
Similarly, homes prices in established areas in the country are forecasted to improve moderately, he said, adding that more developments are expected rise in places near the new Light Rail Transit and Mass Rapid Transit stations.
While Kuala Lumpur trailed China’s Yantai and Los Angeles in the US, it was ahead of Chicago and Spain’s Madrid. It also surpassed Jakarta, which came in at the 115th place after registering a marginal price gain of one percent. On the other hand, Singapore was ranked at the 140th spot.
Notably, nine Chinese cities made it to the top ten for recording the highest appreciation in residential prices. China’s Nanjing secured the number one rank with its stellar price growth of 41.1 percent, whereas Moscow in Russia landed at the last spot due to its 15 percent depreciation.
Globally, the average home price growth reached 6.6 percent in 2016, which represents the highest figure in three years. But if the Chinese cities are excluded, the rate would be lower at 4.9 percent.
Among new developments to look put for in KL are:
Image sourced from Malay Mail
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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