Kuala Lumpur
Malaysia’s pulsating capital Kuala Lumpur started out as a tin mining town in 1850s. It developed as a key trading point, particularly during the World War II when the sought after tin and rubber it traded on were in high demand. Kuala Lumpur achieved city status in 1972, becoming the first settlement in Malaysia to be awarded the honour. Today, the city proper makes up an area of 244 km sq and has an estimated population of 1.8 million. Greater Kuala Lumpur, also known as Klang Valley, is an urban agglomeration of 7.2 million and is the fastest growing metropolitan region in the country, in terms of population and economy.
Kuala Lumpur enjoys a diverse mix of different cultures and although a number of different languages are spoken, English is widely used. Unlike the Malaysia in general where Malays are the majority ethnicity, the Chinese are the largest single ethnic group in KL.
Some 10 per cent of the population originated in India and there are substantial communities of various Eurasian groups and peoples indigenous to East and Peninsula Malaysia such as the Kadazans and the Ibans. The blend of different ethnicities, coupled with the fact that the city spent time under both English and Japanese rule, is reflected in the city’s diverse architecture, food and entertainment options.
Buying Property in Kuala Lumpur
The city’s comparatively open real estate laws and extremely low cost of living has seen foreign investors pour into KL over recent years. Investors have been seeing consistently good returns on their investments as the city’s burgeoning expatriate population pushes up demand for residential property. Property prices have risen by between 15 and 30 per cent in total over the last five years, although growth has become more modest in the past 12 months. KL’s fundamentals however, are still strong and one of the city’s key draws was highlighted recently by a recent report compiled by Swiss bank UBS. The study found that Kuala Lumpur is the number one city in the world when measured on a cost of living index. More on buying property in Kuala Lumpur.
Condos in Kuala Lumpur
The global credit crunch and the sub-prime crisis in the US has prompted investors to look to new markets and Malaysia is one of many developing Asian countries that appears to be benefiting from investment dollars that would likely have gone elsewhere – if not for the fears of a looming recession in the United States and western Europe. More on buying condos in Kuala Lumpur.
Houses and land in Kuala Lumpur
Both foreigners and local investors are subject to similar property regulations. Malaysia’s land tenure is based on the Australian system of land ownership – the Torrens system. A small percentage of land, mainly in rural areas, is reserved for the indigenous Malay people and cannot be owned or purchased by the non-native locals or foreigners under normal circumstances. However, most properties viable for investment are located in predominantly urban areas of the larger cities like Penang, Malacca, Johor Bahru and of course, Kuala Lumpur – and these areas have no such ownership restrictions. More on buying houses and land in Kuala Lumpur.
Top tips for Kuala Lumpur property
Kuala Lumpur Property buyers guide
Guide to buying Condos in Kuala Lumpur
Guide to buying houses and land in Kuala Lumpur
