The top high-rise residential properties in Kuala Lumpur and Selangor have gained double-digit percentage growth compared to H2 2021. In a survey conducted by iProperty, the data indicates a growing number of property seekers are shifting their focus to renting as a solution to upgrade their lifestyle and living space needs. This could be due to the challenging economic climate which includes rising interest rates and a higher cost of living.
PropertyGuru Country Manager Sheldon Fernandez weighing in on the analysis said, “On iProperty.com.my, we have observed a 34% search increase for rental properties in H1 2022. This growth in searches suggests that renting is a viable option for consumers who are looking for more freedom and flexibility as well as a financial advantage.
The data offers a clearer picture of rental price movement by identifying high-rise properties within three different price tiers below RM1,500; RM1,500 to RM2,500; and above RM2,500. This offers greater insights into various types of rental investment options that are performing well in the current climate.
Affordability and Convenience – Top properties with rental prices under RM1,500
A strategic location and economical price tags are the primary driving factors behind the median rental price growth of several high-rise properties below RM1,500 in Kuala Lumpur. Miharja Condominiums in Cheras tops the list with an 11.5% growth. The condominium is located near LRT and MRT stations and many retail experiences such as shopping malls, food courts, and restaurants. Select high-rise properties in Bukit Jalil and Kuchai Lama also emerged as winners, registering between 9.1% (De Tropicana, Kuchai Lama) and 7.8% (Residensi Lanai, Bukit Jalil) in median rental price growth.
Properties in the RM1500-2500 appeal to young urbanites as they are typically in more strategic locations and offer several lifestyle advantages. One example is Taragon Puteri Bintang in Kuala Lumpur, which saw its median rental price grow by 33.3% in H1 2022, marking a resurgence of interest in the older Jalan Pudu stretch surrounding the Bukit Bintang vicinity.
Properties above RM2500 cater to wealthy tenants with a preference for luxury living. The reopening of international borders has attracted the expatriate community back to Malaysia’s property market. For example, in Kuala Lumpur City Center (KLCC), Setia SKY Residences recorded a median price rental growth of 29%. Platinum Suites (The Face Suites) gained 15.4% too due to its location within the capital city’s prime business and commercial hubs.
Looking at median prices helps property investors make an educated decision on where and when to buy or rent a house. Rising median prices indicate a seller’s market, while falling median prices indicate a buyer’s market.
