Preference and affordability mismatch in KL properties, says PropertyGuru


Demand for properties in Kuala Lumpur (KL) — particularly in Bangsar, Mont Kiara, and Cheras — remain strong despite a decrease in asking prices.

PropertyGuru Malaysia said the most searched property types were condominiums, followed by apartments and townhouses.

Major reason for high-rise units being the most preferred property type in KL could be due to its affordable entry prices, the property portal noted in a statement yesterday.

However, the property portal said many are still searching for properties under the RM300,000 bracket, which is not feasible for the preferred locations as properties in these locations are priced above the affordability range.

“There is an obvious mismatch between what is desired and what is actually achievable,” PropertyGuru country manager Sheldon Fernandez (picture) said.

The demand for properties in Selangor also continues to be high, especially in locations such as Petaling Jaya, Shah Alam and Subang Jaya.

PropertyGuru said the most searched for properties in these areas are condominiums, followed by apartments and two-storey terrace houses, with many looking at transit-oriented development properties.

“There is a strong upswing in demand for properties strategically located, or directly connected to the mass rapid transit and light rail transit lines.

“Other factors, such as maintenance of the property, as well as lifestyle facilities will play a part for buyers to ascertain if it is a right fit, given that buyers are spoilt for choices in a market that is saturated by supply,” Fernandez added.

Meanwhile, the most popular residential areas within Penang are Georgetown, Bayan Lepas and Tanjung Tokong, with a common factor of proximity to either the city centre or the Penang International Airport.

Apartments and condominiums are the most desired types of residential properties in these three areas, followed by townhouses.

As for Johor — the only state that is experiencing an uptrend in prices — the most popular locations that buyers are loo-king at are Johor Baru, Nusajaya and Bukit Indah.

Unlike the other states where property buyers are most interested in high rises, the demand in Johor is highest for landed properties, especially the two-storey terrace houses.

“Overall, despite the sluggish market condition, it’s a healthy situation as there is plenty of supply for both purchase and rental for Malaysians to choose from, and encouraging greater innovation and ideas to come to the fore, especially with regard to build and design, spatial use, technology and more,” Fernandez said.