Survey: Malaysian real estate still attracting investors

Property buyers are still keen to invest in the local market, with more than half expecting prices to rise by more than 10 per cent in the next six to 18 months, said a survey.

The iProperty.com Group, Asia's leading network of property portals, announced the results of its online Asia Property Trends Survey 2008 last week. The survey tracks the buying habits and trends of about 2,000 local and overseas property buyers who visited iProperty.com and Malaysian website, www.iProperty.com.my.

The survey was conducted online from August 1 to 31.

"In recent times, Malaysia has proven to be an attractive place to invest in property. iProperty.com as a group has been a primary observer of this trend, and it looks no different this year based on the feedback and results we have collated."

"As property values continue their consistent rise, Malaysians and those who have an interest in local property have again shown that a healthy demand still exists in this country," iProperty.com group executive chairman Patrick Grove said in a statement released yesterday.

While 50 per cent of the respondents revealed that they have bought at least one property over the last 24 months, a whopping 89 per cent of them intend to buy property within the next 12 months.

Some 57 per cent of respondents say buying property remains a solid and safe investment, while 52 per cent believe they could generate passive rental income from their purchases.

While most of the respondents' main motivation for purchase is for their own stay, around 47 per cent of respondents are looking to buy purely for investment purposes.

The survey also found that landed property remains the apparent favourite of buyers with 63 per cent keen on readymade or completed landed property while 48 per cent were set on ready-made or completed condominiums and newly-launched or uncompleted landed property.

The results show that 59 per cent of respondents used the Internet as the first medium they turn to when initiating their property hunt.

While over 60 per cent said it is the number one source they rely on for updates on available property.

By New Straits Times