A recent survey has revealed that property owners from Malaysia are more likely to own a second home than their peers in Singapore and Hong Kong.
Results from a survey conducted by the property website, iProperty Group, revealed that Malaysians are more likely to own two or more properties compared to property owners in Singapore, Indonesia or Hong Kong.
The percentages of property searchers owning two or more properties in Singapore, Indonesia and Hong Kong were 35 percent, 34 percent and 16 percent respectively. Compare this to 41 percent of Malaysian property owners.
Malaysians were also more interested in buying property as an investment for resale compared to Singaporeans, Indonesians and Hong Kong residents.
The survey found that the most popular types of properties for Malaysians were landed property with 75 percent interested and 60 per cent interested in condominiums or serviced apartments. The most searched areas in the Klang Valley were Bangsar, Puchong, Cheras and Petaling Jaya.
Even with the threat of a property bubble looming over Malaysia interest in the market is still high, claims Shaun Di Gregorio, CEO of iProperty Group.
“Malaysians’ love affair with property continues. These respondents are normal average income earners, who are far more engaged in the property market as an investment opportunity. The Malaysian property market does have signs that speculative activity which has typically been in the higher end of the market has been active over the past two years but we’re just seeing that taper off a bit due to the government’s moves to address this” he said.
Just below 20 percent of Malaysian respondents were interested in overseas properties, especially in Australia, Singapore and the United Kingdom. Nearly half cited migration or retirement plans as reasons for buying overseas property.
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