Malaysia is fast catching the eye of China’s ultra-wealthy, and it’s giving traditional hotspots like Hong Kong and Singapore a serious run for their money.
According to new data from property technology firm Juwai IQI, Malaysia has climbed the ranks in 2024 to become the fourth most-enquired location for Chinese high-net-worth individuals (HNWIs) searching for luxury homes priced at US$5 million and above.
Now, it sits just behind Thailand, Australia, and Canada — leapfrogging past major players like Hong Kong and Singapore.
Why Malaysia?
Juwai IQI co-founder and CEO Kashif Ansari explained that Malaysia’s growing appeal stems from a combination of factors — including value for money, international education opportunities, more flexible visa policies, and a premium lifestyle that doesn’t come with the sky-high price tags seen in other luxury markets.
Malaysia is quietly emerging as an Asian luxury market sweet spot,” said Kashif.
He pointed out that prime residential property in Kuala Lumpur averages only US$240 per square foot (approximately RM1,100), compared to US$1,810 in Singapore (around RM8,000) and US$1,090 in Bangkok (approximately RM4,800), making Malaysia significantly more affordable without compromising on comfort or quality.
Tourism, education & revamped MM2H scheme are fuelling demand
Malaysia’s real estate boom isn’t happening in isolation — it’s also being powered by a rebound in Chinese tourism.
Reported by NST, nearly 1.2 million Chinese visitors arrived in the first five months of 2024 alone, helping to boost familiarity and confidence in Malaysia’s property market.
Chinese student enrolment in Malaysian universities also soared by 35% between 2021 and 2023, sparking interest in property hotspots like Kuala Lumpur, Johor Bahru, and Penang.
The revamped Malaysia My Second Home (MM2H) programme, reintroduced in 2023, has added to the momentum.
It now provides clearer pathways for long-term residency and allows participants to use part of their fixed deposits to invest in property — making the Malaysian market even more attractive.
A strategic location & lifestyle that ticks all the boxes
Malaysia’s strategic location in Southeast Asia, with short flights to China and a balance of business and leisure opportunities, makes it an ideal destination for Chinese HNWIs.
“Many Chinese buyers are already familiar with Malaysia, having established personal ties through tourism, education, or business,” said a market observer.
Compared to other Asian cities, Malaysia’s lower luxury property prices and ease of access are turning it into a compelling choice not just for Chinese investors — but for the global market too.
As global wealth shifts and priorities evolve, Malaysia seems to be striking the right chord with wealthy buyers — offering an irresistible mix of value, convenience, and quality living.
With all signs pointing to continued growth, the country’s luxury property market may be just getting started.
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