The global recession is finally waning. Prospects on the international real estate market are brightening. So much so, that individuals are once again investing in foreign real estate markets. Markets with increasingly exotic tags. For example? How about Malaysia?
Malaysia was among the countries that escaped the real estate market implosion that gripped the West several years ago. Investors and retailers streamed into the country’s major cities, and new building, much of it in the form of new retail and living space, occurred at a phenomenal rate. Not only was there a tremendous amount of new real estate growth, the buildings going up were practical and efficient in their design, and very green in their construction. They weren’t being built just to capture current trends, but for the future as well. This makes Malaysian real estate not just a great place to live and work, but a sound investment for both nationals and foreigners alike.
And one of Malaysia’s hottest current real estate options would be in Ipoh. One of the country’s largest cities, and the capital of Perak state, Ipoh has seen its fortunes changes from a declining tin empire to an up and coming player in the global tourism industry. Accessible via highway from other major cities and easily reached by air from Singapore, Ipoh offers much in the way of the booming markets of cultural and natural tourism. It also offers a growing and not yet saturated market in retail fields. Investors therefore have the option of purchasing real estate with an eye towards renting it out as vacation homes, or “flipping” it for the same purpose. Ipoh is an increasingly attractive location for setting down business roots as well, both to get a foothold in its increasing tourism and retail trade, or to take advantage of such growth in a separate business. Its rich history and diverse neighborhoods make Ipoh a nice location to put down purely residential roots too, and its mix of single homes, apartments, and increasingly, new condo developments, offer home buyers many options.
Potential real estate investors, be they foreign or national, should first secure the services of not only a licensed real estate agent familiar with properties in Ipoh, but a real estate lawyer. The agent can assist buyers with research, negotiations, and location finding. The lawyer will be essential in document filing, and fee payments, among other tasks. And potential buyers should be aware that caution should be used here, just as in making investment decisions anywhere else. Issues have arisen with unscrupulous developers walking away from unfinished projects, leaving investors “holding the bag”. As a result, investors should research unfinished projects and ascertain that the developer has both a Sales and Advertising Permit and a valid developer’s license. Otherwise, buyers may not be protected if the developer defaults.