News: Kl Emerged as Asia’s Most Affordable City for Luxury Living

Dec 6, 2018

 

The capital of Malaysia remains the least expensive city in Asia for luxury living, especially when it comes to buying high-end residential properties, according to the latest Julius Baer Lifestyle Index.

“Hong Kong, Tokyo, and Singapore remain the three most expensive cities for (luxury) property in Asia, whereas Kuala Lumpur, Manila, and Jakarta are the most price competitive cities,” said the Swiss multinational private bank.

“Although property prices in Kuala Lumpur remained flat (+0.1 percent) in local currency terms, they gained 9.3 percent in USD terms due to a stronger ringgit. Sentiment towards Kuala Lumpur’s property market is improving. Buyers are encouraged by the strength in Malaysia’s labour market and economy, which has given developers the impetus to organise nationwide roadshows.”

Aside from upscale homes, KL is also the most affordable place to purchase five other high-end goods and services like jewellery, hotel suite, wine, piano and posh vehicles.

“The Malaysian government’s generous incentives for plug-in hybrid electric vehicles (PHEVs) caused a precipitous drop in prices. This in turn led BMW to phase out the 740Li model, replacing it with the 740Le plug-in hybrid model. A strengthening ringgit partially negated the effects of the incentives. Compared to last year, prices fell 24.3 percent in MYR terms to RM138,971,” noted Julius Baer.

On the other head, neighbouring Singapore emerged as Asia’s second most expensive city for luxury living, particularly when buying a car or gourmet dinner.

“On a price-weighted basis, Singapore is now the second most expensive city in Asia. Unsurprisingly, it is the most expensive city to purchase a car, owing to heavy levies and duties on automobile purchases. It is also the third most expensive city to secure a luxury property. Individuals looking to enjoy an evening out at a two Michelin-starred restaurant would also be forking out the highest prices in the region.”

The Julius Baer Lifestyle Index compares the price rankings of luxury goods and services across 11 cities in Asia. These include business-class flights, residential property, wedding banquets, hotel suites, Lasik eye surgery, hospital rooms, golf club membership, legal services, wine, jewellery and accessories, clothes, Botox, piano, car, cigar, shoes, skin cream and degustation dinner.

 

Image source: The Star

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

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Allen Wong
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