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Kuala Lumpur Powered by Powered by Kuala Lumpur Residential Market Update January 2019 The formation of a new government following Malaysia’s recent general election is already having a positive impact Economic indicators on the economy. Nominal quarterly GDP growth for Malaysia, Malaysia-wide unemployment, inflation and the overnight policy rate Consumer sentiment has been improving following the three month tax holiday, with the introduction of the GDP Quarter-on- Malaysia Overnight zero-rating of the Goods and Services Tax (GST), effective 1.7% Quarter Growth 3.25% Policy Rate from 1st June 2018, and the re-introduction of the Sales and Q2 2018 September 2018 Services Tax (SST) on 1st September 2018. This has been reinforced by strong employment and a low inflation rate; in Unemployment Rate Inflation Rate August 2018, unemployment levels stood at 3.4% and the 3.4% August 2018 0.2% August 2018 inflation rate was low at 0.2%. In the second quarter of 2018, the Business Conditions Index Nominal GDP growth Unemployment Rate Inflation Rate 6% (BCI), published by the Malaysian Institute of Economic Research, hit its highest level for the past 13 quarters at 5% 116.3 points. In addition, the continuing development of Kuala 4% Lumpur’s new financial district, Tun Razak Exchange, looks set 3% to further boost Malaysia’s growing financial services sector. 2% Keeping pace with rapid urbanisation is the development 1% progress of transport infrastructure in Greater Kuala Lumpur 0% (GKL). The completed and on-going Light Rail Transit (LRT) and Mass Rapid Transit (MRT) lines are enhancing mobility and -1% connectivity within the region, and helping to transform GKL -2% into a sustainable and liveable metropolis. -3% This positive sentiment is also reflected in the movement of -4% Malaysian Ringgit. At the beginning of October 2018, it was -5% trading at $0.24, which is up from $0.22 in October 2017. 2017 2015 2014 2016 2018 Source: Knight Frank Research, Macrobond, Department of Statistics Malaysia, Central Bank of Malaysia 2 Residential Market Kuala Lumpur Sales Market Insight Current conditions in the Kuala Lumpur sales market. Despite recent tax changes, the GST products, the market continues to self-correct exemption of the housing sector has meant in certain locations. With affordability the key 4 that Kuala Lumpur’s property market has issue in the domestic housing market, both the Years since there has been positive double- remained relatively stable. public and private sectors (developers) are digit price movement in Kuala Lumpur focusing on building affordable and mass Central Region The House Price Index for the capital’s Central housing within the Greater Kuala Lumpur Region has continued its upward trend, albeit region, supported by lower land costs and at a slowing pace. In the first quarter of 2017, improved connectivity. Investments and the index’s growth rate stood at 8.9%; by the progress in road and rail infrastructure continue first quarter of 2018, this had dropped to its to promote townships in the suburbs and 3.3% lowest rate since 2013 at just 2.1%. This may in transit oriented developments (TOD) along Decline in sales in the year to March 2018 in part be due to the ‘wait and see’ approach the rail lines. Kuala Lumpur Central Region adopted by some potential purchasers and investors prior to the election. Kuala Lumpur’s prime housing market, concentrated in the Kuala Lumpur Central A slew of cooling measures implemented to Region, offers great investment opportunities. 2.1% curb speculative activities since 2012, have Supported by the Malaysian My Second Home Improvement of house price index in Kuala stabilised the housing market. The double-digit Programme, its property prices remain among Lumpur Central Region in the year to price growth seen in Kuala Lumpur’s Central the cheapest in Asia. March 2018 Region in 2013 has moderated over the past five years, with residential market transaction levels in 2017 falling to below 3,000 units per quarter. Amid the growing gap between housing affordability and the available residential Residential prices Residential transactions Household growth The annual percentage change in House Price Index The number of residential transactions The annual increase in number of households in Kuala Lumpur Central Region in Kuala Lumpur in Kuala Lumpur 20% 5,000 15,000 12,000 15% 4,000 9,000 10% 6,000 3,000 5% 3,000 0% 2,000 0 2017 2013 2015 2014 2016 Q1 2017 Q1 2015 Q1 2013 Q1 2014 Q1 2016 Q1 2018 Q1 2017 Q1 2015 Q1 2013 Q1 2014 Q1 2016 Q1 2018 Q3 2017 Q3 2015 Q3 2013 Q2 2017 Q4 2017 Q2 2015 Q2 2013 Q4 2015 Q4 2013 Q3 2014 Q3 2016 Q2 2014 Q2 2016 Q4 2014 Q4 2016 Q3 2017 Q3 2015 Q3 2013 Q2 2017 Q4 2017 Q2 2015 Q2 2013 Q4 2015 Q4 2013 Q3 2014 Q3 2016 Q2 2014 Q2 2016 Q4 2014 Q4 2016 Source: Knight Frank Research, Source: Knight Frank Research, Source: Knight Frank Research, Department of Statistics Malaysia National Property Information Centre (NAPIC) National Property Information Centre (NAPIC) Residential Market Kuala Lumpur Rental Market Insight A look at the recent conditions in the Kuala Lumpur rental market. The performance of the Kuala Lumpur amid a tight leasing environment putting Central Region rental market in recent years further pressure on overall rents. As the gap 11.4% is better understood in context of its supply between supply and demand widens, tenants Annual increase in the number of listings in and demand situation. continue to have the upper hand when the first quarter of 2018 negotiating rents and tenancy agreements, The residential rental market, in particular be it for a new lease or to renew one. Despite for the high-end high-rise segment in the this gap widening, rental prices in Kuala city, continues to be tenant-led and heavily Lumpur have increased by 2% in the year 2% impacted by oil prices falling since 2014. to March 2018. Increase in rental prices in the year to The overall number of listings for the residential The 2018 Budget announced a 50% tax March 2018 segment has been increasing since the second exemption for Malaysian residents, extending quarter of 2017. Many of the projects launched to up to three years and covering rental income prior to the abolishment of the Developers not exceeding RM2,000 per month, per Interest Bearing Scheme (DIBS), announced property. This tax relief is expected to boost the under Budget 2014, were completed in the late rental market for properties commanding rents The residential rental market continued to 2016/2017 period. This inevitably led to an below the threshold, and will also help to be tenant-led due to a mismatch in supply increase in the cumulative residential supply, support the housing needs of lower income and demand particularly the high-rise stratified units. groups who have been priced out of the Central Region housing market. Since making its way into the market in early 2009, the DIBS created an opportunity for property speculation. Its abolishment, coupled with the impact of the cooling measures, has led to a slowdown in overall market activities, with many completed units available for rent Rents Rental leases Financial & business services The annual percentage change in rents in Kuala The annual percentage change in number of listings on Annual change in employment in financial & Lumpur Central Region iProperty in Kuala Lumpur business services in Kuala Lumpur 12% 35% 80,000 10% 30% 70,000 8% 25% 6% 60,000 20% 4% 15% 50,000 2% 10% 0% 40,000 5% -2% 30,000 0% -4% -6% -5% 20,000 -8% -10% 10,000 -10% -15% -12% -20% 0 2017 2013 2015 2014 2016 Q1 2017 Q1 2015 Q1 2013 Q1 2014 Q1 2016 Q1 2018 Q3 2017 Q3 2015 Q3 2013 Q2 2017 Q4 2017 Q2 2015 Q2 2013 Q4 2015 Q4 2013 Q3 2014 Q3 2016 Q2 2014 Q2 2016 Q4 2014 Q4 2016 Q1 2017 Q1 2016 Q1 2018 Q3 2017 Q3 2015 Q2 2017 Q4 2017 Q4 2015 Q3 2016 Q2 2016 Q4 2016 Source: Knight Frank Research Source: Knight Frank Research, iProperty (Malaysia’s largest Source: Knight Frank Research, Macrobond, Oxford Economics property website) 4 Local Performance Local Residential Market Performance A look at market performance in the prime residential area over the past three months. 1 Old Central Business District 6 Ampang Hilir / U-Thant Price 3 months Price 3 months N/A 0.7% Rent 3 months Rent 3 months N/A -6.8% Prime gross yield Prime gross yield N/A 4.7% 7 Mid Valley City 17 2 Perdana Botanical Garden / KL Eco City / Seputeh Price 3 months Price 3 months N/A -2.0% 13 Rent 3 months Rent 3 months N/A -6.4% 16 Prime gross yield Prime gross yield 12 14 N/A 4.8% 3 Kuala Lumpur City Centre 8 Bangsar South 10 Price 3 months Price 3 months -0.2% 3.3% 15 2 Rent 3 months Rent 3 months -4.0% -4.3% Prime gross yield Prime gross yield 4.1% 4.7% 11 9 4 Bukit Bintang 9 KL Sentral / Brickfields Price 3 months Price 3 months 7 -3.7% 4.5% Rent 3 months Rent 3 months 8 8.1% 6.2% Prime gross yield Prime gross yield 3.2% 4.9% 5 Imbi / Pudu 10 Damansara Heights Price 3 months Price 3 months N/A -3.6% Rent 3 months Rent 3 months N/A 2.2% Prime gross yield Prime gross yield N/A 3.5% Local Performance Price 3 months | the change in average prices over the 3 months to June 2018 Rent 3 months | the change in average rents over the 3 months to June 2018 Prime gross yield | the gross yield at June 2018 given average prices and rents 15 Taman Tun Dr Ismail 11 Bangsar / Bukit Kiara Price 3 months Price 3 months 0.0% -1.6% Rent 3 months Rent 3 months 5.6% -4.7% Prime gross yield Prime gross yield 4.3% 2.6% 16 Kampung Sungai 12 Mont’ Kiara / Sri Hartamas Penchala Malay Reserve Price 3 months Price 3 months 0.7% N/A Rent 3 months Rent 3 months 0.0% N/A Prime gross yield Prime gross yield 5.8% N/A 3 6 13 Dutamas 17 Desa ParkCity Price 3 months Price 3 months 1 4 3.3% 7.1% Rent 3 months Rent 3 months 5 7.2% -4.3% Prime gross yield Prime gross yield 4.6% 3.5% 14 Taman Duta / Kenny Hills (Bukit Tunku) Price 3 months 3.9% Rent 3 months N/A Prime gross yield N/A 6 Local Focus Kuala Lumpur City Centre Overlooked by the iconic Petronas Twin Towers, Kuala Lumpur City Centre combines the buzz of being in the middle of the action – and the opportunity to shop until you drop – with the calm sanctuary of KLCC Park.
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