Economic events

Contractor · #1 (**permalink**) 1st November 2008, 11:39 AM

Hi,

With the recent financial markets turmoil, has this had a negative effect on the cost of accomodation in Penang/KL ?

Thanks

Malaysiana · #2 (**permalink**) 27th March 2009, 04:30 AM

Quote:

Originally Posted by Contractor

Hi,

With the recent financial markets turmoil, has this had a negative effect on the cost of accomodation in Penang/KL ?

Thanks

Hi. Well, prices have definitely fallen for high-rise residential properties particularly in the Kuala Lumpur City Centre (KLCC) area because the global financial meltdown because foreign buyers form a significant part of this property market segment. It was reported in the press that there was still some foreigners buying high-end condominiums with cash, mainly from the Middle East in the second half of 2008. However, rents in Mont' Kiara, a residential hub popular with expats in Malaysia, will remain steady due to the opening of a new international school opening in the area.