PROPERTY GUIDE
Written by Fazrina Fezili
Curious about the income needed to purchase a condominium in Malaysia? We've got you covered! Many consider owning a condo in Malaysia as a essential step towards their dream home, complete with all the amenities and facilities they desire. So, whether you're upgrading from a public housing flat or diving straight into condo ownership, having a solid financial plan is essential. (We will talk more about the home loan information as well).
In this guide, we'll delve into the price ranges of high-rise properties in key regions like Kuala Lumpur, Selangor, Negeri Sembilan Penang, Johor, and East Malaysia. By shedding light on the financial aspects involved, we aim to provide you with a clear understanding of what it takes to afford a condo in these areas. So, if you're eager to learn about the income requirements for condo ownership in Malaysia, keep reading—we've got all the details you need to make a well-prepared investment decision.
You're probably aware that condominium prices can vary significantly based on factors such as property location. For this article, we'll be referring to median property prices from the National Property Information Centre (NAPIC) as published in their Residential Prices 2023 report. Alternatively, you can always check the median price in our Transaction Property tool.
Now it’s time to take a look at the financial end of things. To determine the income needed for purchasing a condominium in various Malaysian states, let's simplify things by making some straightforward assumptions about your financial situation:
Assumptions:
Now, with these basic parameters set, let's find out how much you need to earn each month to afford a condo/apartment in different states:
Here's a handy rule: Your monthly instalments shouldn't surpass 35% of your total income. If you can bring that percentage down to 30% or lower, even better!
We've made several assumptions to standardize our calculations, considering the multitude of factors involved. Factors such as age and credit score were not included in these calculations. Your Debt Service Ratio (DSR) is particularly crucial for increase your home loan approval – the lower it is, the better!
To estimate these figures, we utilized our free Home Loan Calculator, which provides a convenient way to gauge your affordability. For a more precise estimate, input your own details into the calculator!
Kuala Lumpur
In Kuala Lumpur, Malaysia's bustling capital, there are plenty of job opportunities and lots of fancy homes, especially near TRX and popular areas like Ampang and Bangsar. Even the cheaper homes in KL are still pretty upscale.
Selangor
Following Kuala Lumpur, we have its neighboring state, Selangor, which boasts some of the priciest condominiums after KL. With a median price of RM 450,000, Selangor is a bustling hub with a thriving economy and a growing foreign population, making it an attractive place to live and invest.
If the prime addresses of Kuala Lumpur seem out of reach, consider exploring areas like Gombak and Puchong, just a stone's throw away, for more affordable options!
Melaka
In Melaka, condominiums and apartments offer an appealing option for property buyers, with a median price of RM 279,800, these properties provide an attractive entry point into the real estate market. Beyond its affordable property options, Melaka boasts a rich tapestry of cultural heritage, blending influences from its historical past as a trading port.
Visitors and residents alike can explore iconic landmarks such as the UNESCO-listed Melaka City and immerse themselves in the city's vibrant cultural scene. From strolling along the picturesque Melaka River to savoring the local delicacies at Jonker Street's bustling night market, Melaka offers a charming blend of history, culture, and
Pulau Pinang
In Penang, condominiums and apartments present an enticing opportunity for prospective homeowners. With an estimated median price of RM 380,000, these properties offer affordability without compromising on comfort and convenience.
enang is a captivating destination that promises a vibrant lifestyle for residents. From exploring historical sites like Georgetown's UNESCO World Heritage area to indulging in mouthwatering street food along Gurney Drive, there's no shortage of attractions to discover and enjoy in Penang.
Johor
Johor is also home to some of the priciest condominiums, ranking second after KL with a median price of RM 450,000. The state is rapidly developing into a sophisticated tourism and business hub, owing to its close proximity to Singapore and initiatives like the RTS link project.
If you're considering living in Johor, places like Iskandar Puteri are worth exploring, especially for their tourism attractions.
East Malaysia
Property in East Malaysia tends to be more affordable compared to the peninsular states. However, even in prime locations like Kota Kinabalu, prices remain relatively reasonable. In Sarawak, the median price of terrace homes is around RM380,000, while in Sabah, it's slightly lower at RM335,000.
But wait, there's more to consider! Affording a house, regardless of location, involves more than just the factors we've discussed so far. While we've used NAPIC's median house prices as a gauge for owning a terrace or condo in these states, it's important to note that these prices may not necessarily reflect the cost of homes you're eyeing in your particular area.
For starters, it's crucial to be aware of the hidden costs associated with homeownership. Additionally, factors beyond your salary, such as your credit score, play a significant role in the affordability equation. So, before making any decisions, be sure to thoroughly assess all aspects involved in owning a home.
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Article Highlights
Condominium prices in Malaysia
Condo affordability Malaysia
Salary needed for condo in Malaysia
Condo loan affordability
Condo purchase financial plan
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