KUALA LUMPUR, March 15 ― Malaysia's rich own more properties on average than their Asian or global counterparts, the latest wealth findings by international property firm Knight Frank showed.
The company’s Asia Pacific's head of research Nicholas Holt said Malaysia's ultra-high-net-worth individuals (UHNWI) have always favoured parking their money in residential properties, especially in Australia and the UK, and its latest study indicated a continuing trend to do so.
“Finally the third stat was: ‘How many properties on average do you or your clients own’ and again Malaysia comes out on top.
“A real love for bricks and mortar in residential property. Malaysia was 4.7 on average compared to the Asian average of 3.92 and the global average of 3.7,” Holt told a news conference at the release of its Wealth Report 2016 released today.
He added that appetite for property among Malaysians will remain consistent for the next decade, with 65 per cent expected to increase their allocations for investments in the sector.
"But it's interesting, looking at other countries, we do see an increase in allocations but often over the next ten years it’s expected to be a lower percentage," he noted.
Singaporeans increased their allocation to residential property by 61 per cent in the last ten years but will only increase their allocation to residential property by 46 per cent in the next ten years.
Similarly, Australia increased their residential property allocations by 58 per cent in the last ten years, but will only increase the allocation by only 37 per cent in the next ten years.