buying in Kuala Lumpur

Jonbvn

Hi,

IMHO investing in property in SE Asia is really a high risk strategy.

Myself and my OH have been extremely lucky to find that our 4-bed Villa (located in another SE Asian country) bought for $55k in 2001 is now worth approximately $600k:eek:. This was caused by certain changes in laws and general economic growth in the country, and because we live in an oil town (2001 oil $20 >>> 2007 oil $100)

I was quite staggered by this. However, this property will be our retirement/winter home, and we will never sell. Furthermore, due to currency controls realising the cash would be rather difficult.

simpywimpy

I am looking at buying abroad and have been reading about something called due diligence which seems to offer a much greater level of protection for your money. My main concern is the one raised earlier that if the developer goes out of business, he takes my bit of money with him and I havent enough to risk losing it.

If you are still looking for a more solid account, Nationwide have a 1 year bond offering 6.7% which I signed up for. Havent found anything better than that on the market.

mr.broderick

Friend of mine has a couple of villas in southern spain, might be a good time to buy there at the moment. There was a 2 bedroom apartment, 2 years old with all mod cons going for £97,000 in benalmadena, was going to buy it but put my money in to the house i've just bought here instead (Wise move lol). Anyway always good rentals in southern spain no matter what the market does there. KL mmm not sure, malaga 2 and half hours easy jet away, combine holidays with investment easier, also better infrastructure there and you can always retire there in 25 years.

Conrad

simpywimpy wrote: »

My main concern is the one raised earlier that if the developer goes out of business, he takes my bit of money with him and I havent enough to risk losing it.

quote]

This is always my main concern to which is why I went for a devloper with deep pockets myself and a resort backed by the Royal family.

obsessed_saver

IveSeenTheLight, I'm impressed by your detailed knowledge on KL.

My contribution to this thread is that renting out might not be as easy as you think.

As for Generali's statement, read the Central Bank of Malaysia's website:
http://www.bnm.gov.my/index.php?ch=190&pg=539&ac=35&tpl_id=181

IveSeenTheLight

obsessed_saver wrote: »

IveSeenTheLight, I'm impressed by your detailed knowledge on KL.

My contribution to this thread is that renting out might not be as easy as you think.

As for Generali's statement, read the Central Bank of Malaysia's website:
http://www.bnm.gov.my/index.php?ch=190&pg=539&ac=35&tpl_id=181

Thanks obsessed_saver, I've been working in KL for just over a year now, that's how I know a little about the area.

I agree whole heatedly about the potential for renting out, there are a huge database of properties for rent.

If you go for it you really have to target a group such as the Ex-Pat's for securing a good rental basis.

There are many Singaporians buying up property in KL at the moment, partly due to the previous 5 year HPI but also I think they are looking to secure retirement properties.
Wages and cost of living are much higher in Signapore.

Generali

obsessed_saver wrote: »

As for Generali's statement, read the Central Bank of Malaysia's website:
http://www.bnm.gov.my/index.php?ch=190&pg=539&ac=35&tpl_id=181

To clarify, my point was meant to be that if the Finance Minister can change the FX rules overnight once then a similar event can happen again.

Cheers for the PM iveseenthelight.