KUALA LUMPUR: Malaysia made a significant leap in 2024 to become the fourth most enquired-about destination among Chinese high-net-worth individuals (HNWIs) seeking homes priced at US$5 million (US$1= RM4.408) and above — up from outside the top ten in 2023.
According to 2024 data from Juwai IQI, Malaysia now ranks behind Thailand, Australia and Canada as a preferred destination for China’s ultra-wealthy house buyers.
Juwai IQI co-founder and group chief executive officer Kashif Ansar said the report attributes Malaysia’s rising popularity to a combination of strong value, international schools, improved visa policy and a lifestyle that rivals more expensive markets.
“Many high-net-worth buyers are repeat visitors who develop personal ties to the country through travel, education, or business.
“Chinese tourist arrivals in Malaysia reached nearly 1.2 million in the first five months of 2024. That sharp recovery has brought with it greater buyer confidence and local familiarity,” he said.
He said Chinese student enrolment in Malaysian higher education institutions rose by 35 per cent between 2021 and 2023, fuelling property demand in areas such as Kuala Lumpur, Johor Bahru and Penang.
Kashif also highlighted that the 2023-revised Malaysia My Second Home (MM2H) programme enhanced the country’s appeal, introducing more structured pathways for long-term stays and allowing participants to use part of their fixed deposits to purchase property.
Citing research from global property consultancy Savills, he said prime homes in Kuala Lumpur cost an average of US$240 per square foot — significantly lower than Singapore (US$1,810) and Bangkok (US$1,090).
“Malaysia is quietly emerging as an Asian luxury market sweet spot. It offers the comfort and quality that HNWIs from China and other nations want — without the visa headaches, capital controls or high price tags they face elsewhere,” he said.
