KUALA LUMPUR, Sept 3 -- More foreigners may take advantage
of the weakening ringgit to invest in properties in Malaysia with the capital
benefiting the most, Armani Media Sdn Bhd said.
Foreigners tended to buy properties for long-term and could hold
them without tenants for five to 10 years, Chua Kee Kian, Managing Director of
the media and event management company focusing on property industry said.
He said the areas most sought after by foreign buyers were
the Kuala Lumpur city centre and Mont Kiara.
"We are seeing more foreign developers, especially from
China armed with databases of their previous purchasers from China coming to
Malaysia to buy properties," he said.
He was speaking to reporters at the launch of a coffee table
book entitled "Property Insight: A guide to Best Property Investment
Opportunities 2015/2016" by Kuala Lumpur Mayor Datuk Mhd Amin Nordin Abdul
Aziz here recently.
Chua said on the contrary, there was poor property
investment from locals, declining between 10 and 15 per cent in the last two
months due to sluggish local and global economic climate.
Local investors are holding back their money and are more
interested in property investment abroad such as in Australia, he added.
Chua said investing in properties should be for mid-term and
long-term to tide over market volatility.
"Property investment is all about market confidence. We
expect headwinds in the next six months, but things will stabilise and the
market will pick up again," he said.
The coffee table book, featuring 45 residential and
commercial properties and containing information on real estate analytics,
profiles and comments from successful investors, is now available in major book