KUALA LUMPUR: Last year saw two iterations of the movement control order that negatively impact property transactions and economic activity.
Despite this, the decline in the volume of transactions in Kuala Lumpur’s most popular areas was marginal last year compared with 2020.
Here are five of KL’s most popular locations in 2021 based on the number of residential property transactions.
Owing to its affordability and connectivity, Cheras continues to emerge as KL’s most transacted area with the lowest median transacted price of RM370,000. This is a slight increase of 5.7% from RM350,000 in 2020.
The prevalence of leasehold properties likely contributes to lower asking prices. The volume of transactions, however, declined by 18.72% in 2021 compared with the previous year.
In keeping with the expanding population, Cheras has over recent years seen the addition and/or expansion of amenities such as IKEA, MyTown, Sunway Velocity, and You City, alongside existing establishments.
Eleven of out 31 stops on the Sungai Buloh-Kajang line serve various areas here, making up as much as 35% of the MRT line.
Cheras is also among the most transacted areas in Selangor for 2021.
Once a tin-mining and rubber-plantation town, Setapak is now a bustling urban neighbourhood in the heart of KL, accessible via major highways and public transport.
Recreational spots such as Loke Yew Hill, Zoo Negara, and Titiwangsa Recreational Park offer residents options for rest and recreation.
Despite being the second-most transacted area in KL, median transacted prices here dropped by 2.7% to RM437,875 last year, while the volume of transactions dropped by 8.91%.
3. Old Klang Road
The oldest road in Klang Valley, Old Klang Road’s strategic location has led to a large number of new developments in the past decade, with many more new projects in the offing.
Most of the properties on the eastern front here are freehold, while the western end is populated with leasehold properties.
Median transacted prices recorded positive growth of 7.1%, from RM420,000 in 2020 to RM450,000 last year.
4. Mont Kiara
Mont Kiara is the prime location for expatriates and affluent Malaysians, with excellent international schools and upscale high-rises.
Despite the lack of rail connectivity and high prices, it remains among the most desirable locations in KL. The pandemic made living here more achievable as median asking prices dropped by 45.75% in 2020 compared with the year before.
Median transacted prices, however, saw little change, falling by 3.6% to RM1,130,000 in 2020 and a further 4.5% in 2021.
The volume of transactions last year has remained nearly the same as the previous year.
5. Bukit Jalil
Bukit Jalil offers attractive landed and high-rise properties even as new developments emerge, boosted in part by the recently completed Pavilion Bukit Jalil.
Apart from Technology Park Malaysia, Bukit Jalil hosts notable educational institutions including International Medical University and the Asia Pacific University of Technology & Innovation.
The Sri Petaling and Bukit Jalil LRT lines serve the fast-growing population, with further expansion of the Sri Petaling line having added two new stops close by (Awan Besar and Muhibbah).
Median transacted prices dipped by only 1.96% to RM500,000 last year, while the volume of transactions dropped 13%.
As market recovery begins, the question remains if transaction patterns will return to pre-pandemic levels amid remote/hybrid working trends.
Regardless, KL’s most transacted areas offer plenty of options in the primary and secondary markets for investors and home buyers alike.
This article was written by Vigneswar Rajasurian of PropertyAdvisor.my, Malaysia’s most comprehensive source of property data, property analytics and insights.