Average Value of residential properties in KL is RM673K

A friend asked today whether it makes sense for KL properties to be RM673K. She was referring to the JPPH latest data for whole of 2013. I explained briefly. The average price is as per what the name stated, average price. It does not even mean that the majority of all properties are priced at that price point. However, it may mean that there are quite a number of properties at RM400K and a smaller number of units at RM1 Million, thus, taking the average for these two may give you the average number of RM673K. Can you find a property below RM400K in Kuala Lumpur today? Answer is a definite yes. Just search online either in property.com.my or propertyguru.com.my  As at today, there are still a lot of properties below RM400K listed.
In terms of jump, it is quite serious, close to 38%. From RM489,052 in 2012 to RM673,249 in 2013. Nevertheless, as stated much earlier, this may be due to majority of the units being those highly priced ones like the KLCC and its surrounding. Do not worry, even if you work in KL, you can still stay in Selangor.In fact, my colleague just bought a condo in Kepong for RM250,000. The only catch, it’s nearby graveyard but then again, after awhile you would hardly notice it. For Selangor, in 2013, the the average value of residential properties rose 19.91% to RM405,895 in 2013 from RM338,508 in 2012. Rest assured, when you check online, as long as you are willing to change your lifestyle habit, you can get a landed for less than RM300,000.
On an overall basis, the transaction volume actually declined 10.9%. Now you know why some developers have started some ‘special promotion’ for their outstanding units yeah. Nevertheless, the decline did nothing to the price. In fact the price went up a marginal 6.7%. In terms of volume, except for Johor,  majority of all states recorded a downturn. My friend asked yet again, ‘should she buy now’. I smiled and said, ‘it’s ok, if you want to wait, you can wait. if you want to buy you can buy’. She laughed and said, ‘what kind of answer is this?’  No choice, I have answered too many people too many times on questions which only they themselves can answer or make decision.
written on 24 April 2014
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