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Over the years, the property market has been especially robust and concentrated in the Klang Valley, which in turn has seen a surge in property prices.
As the investment seems rewarding, investors rarely look into other promising areas. However, the high prices of properties and land being increasingly scarce have made it increasingly hard to purchase properties.
Hence, more people are starting to explore other alternatives to the usual hotspots in the Klang Valley.
As land in Kuala Lumpur and the Klang Valley becomes increasingly scarce, coupled with the upward rise of real estate prices, many house buyers and investors are starting to seek for other viable alternative – that of looking for property in other locations.
Would-be investors are now looking at locations beyond the prime urban areas and the usual hotspots, moving outwards towards suburban areas and the outskirts of the city.
Kajang and Semenyih as well as Cyberjaya are now being developed by a pool of major developers. Not only are the projects being developed further away from the city, but now investors are also looking at buying properties in other locations such as Ipoh, Malacca and Seremban.
One such location is Upper East located in Tiger Lane, Ipoh. Known as the City of Millionaires, this town has been attracting investors including those who intend to retire here.
The Ipoh property market has not experienced the high growth like those in Johor Bahru and the Klang Valley. Property prices in Ipoh only started to pick up in the last 12 months. Even in comparison, the Seremban property market is 18 to 24 months ahead of Ipoh.
In Ipoh, land prices are still relatively affordable for now compared to land prices in Kuala Lumpur. This tends to result in better quality projects being offered to the buyers.
Interestingly, while the last two years witnessed weak demand for high-rise residential units, last year saw a pick-up in interest in this type of property as people favoured the security aspects offered by gated and guarded (G&G) high-rise developments. Therefore, property development opportunities are now moving from Klang Valley to Ipoh.
Applying the principle of smart investment in terms of buying shares whereby one buys at a low price to get a better profit margin, it makes sense to invest in Ipoh which is a relatively untapped market.
The new range of property developments emerging in Ipoh now will be able to cater to different types and levels of buyers, minus the scenario of supply exceeding demand.
Since the property prices in Ipoh is now starting to climb, investors will be able to enjoy good capital appreciation in the near future.
Therefore, it is logical to one to look beyond the Klang Valley to new potential markets away from the city or even out of state for investment opportunities.