Malaysia continues to be popular among Chinese property buyers, whose preferred markets within the country are Kuala Lumpur, Malacca City, Johor Bahru, Shah Alam and Kota Kinabalu.
In fact, Malaysia emerged as the world’s sixth most preferred destination of Chinese property buyers, ahead of the UK, Vietnam and Singapore which placed 7th, 8th and 11th, respectively, reported Bernama citing a Juwai IQI report on the top 10 Chinese buyers picks for last year.
“The data is based on real estate buying enquiries on properties in more than 90 countries from the company’s more than 3.3 million Chinese visitors per month,” said Georg Chmiel, Executive Chairman of Kuala Lumpur-based Juwai IQI.
Thailand topped the list, with Australia coming in second. Also in the top five list are Japan, the US and Canada.
“Malaysia has long been a favourite investment choice for Chinese buyers. It has affordable standards of living, high quality of life, medical facilities and accessible educational institutions,” said Chmiel.
He noted that programmes such as the Malaysia My Second Home (MM2H) added to the country’s attractiveness as a retirement and property investment destination.
Chmiel revealed that MM2H has been “popular with Chinese citizens, who accounted for 30% of the more than 42,000 applications approved between 2012 and 2018″.
“The Expat Insider 2019 survey revealed that expatriates in Malaysia are generally happy with the affordability of life in the country and they found it easy to settle in.”
Average house price in Malaysia stood at RM416,993 in 2018, which is considered as attractive and affordable compared with other countries in Asia and beyond.
Based on the report, Malaysian residential property inquiries by Chinese buyers increased 40.2% in 2019 from the previous year, added Chmiel.