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BUSINESS

Juwai IQI survey: Foreign buyers back in Malaysia by June 2023

14/06/2022 03:25 PM

KUALA LUMPUR, June 14 (Bernama) -- A Juwai IQI survey of nearly 350 real estate agents across Malaysia found more than two-thirds expect offshore buying of Malaysian real estate will return to pre-COVID levels within 18 months or by the end of 2023.

The real estate technology group said within this subtotal, 15 per cent of agents believe foreign buying would return to pre-recession levels by the end of the year.

“Of those who believe that foreign buying would only hit its previous levels next year, 30 per cent believe we will reach that milestone by June, while an additional 23 per cent believe we will reach that level by the end of next year,” it said in a statement today. 

Juwai IQI Group co-founder and chief executive officer Kashif Ansari said as borders reopen and foreign buyers are beginning to return, Malaysia has many advantages as a destination for foreign investment. 

“The fact that Malaysia’s economy will benefit from the current global environment of commodity price growth, sets us apart from many other Southeast Asian countries. That is a major selling point.

“Besides, as inventory is sold down and prices even begin to rise, foreign investors would find the Malaysian market irresistible. Most investors want to purchase in a rising market, and few have the fortitude to buy when prices are falling,” he said. 

Kashif also said strong economic and employment growth is also likely to lead to strong property market performance. 

Meanwhile, since 2017, he said Malaysia has leapt from Chinese buyers’ 10th favourite destination to their fifth. 

It is believed that from 2022 to 2025, Malaysia has had the opportunity to attract international students who might otherwise have gone to the United States or Australia.

The number of Chinese students in the US was down by 20 per cent.

“Malaysia can attract students to its own educational institutions, which would be a big win for the Malaysian economy,” said Kashif.

He said there is a large economic multiplication factor because students attending Malaysian schools and universities spend two to three dollars in retail, housing and other sectors for every dollar they spend on school fees.

In 2019, over 32,000 international students enrolled in Malaysian educational institutions, accounting for about six per cent of total student numbers. 

Due to the high quality of life on offer and relatively low prices, Kashif said the Malaysian home market remained appealing to buyers from across Asia.

“Buyers also believe that Malaysia has great potential for price and rental appreciation in the coming years, making this a good time to purchase.

“We believe that Malaysia My Second Home (MM2H) programme, will continue to be a successful programme under the revised policies. Authorities announced in January that they had received 111 applications,” he said. 

-- BERNAMA

 


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