Legal fees, stamp duty on Malaysian property and local agency fees (if used) are also payable. You can rent out your property if you are not using it and we would be happy to assist you in finding a tenant. Some Malaysian property developers offer guaranteed rental returns for a period of 3 to 10 years.
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Opening a bank account in Malaysia is relatively easy. Once you purchase a property, we can introduce to you a bank of your choice so that you can open a local banking account. With internet banking you can access your account in english at all times from anywhere, check balances, transfer funds and even pay utilities bills - all done online through the internet. You can appoint a lawyer of your choice or, if you prefer, we can recommend to you a local lawyer who can take care of all the documentation, approvals etc. and even arrange mortgage financing (if required) when buying Malaysian property. High-end residential real estate in Kuala Lumpur continues to dominate the residential market, but other favoured areas are Mont Kiara, Damansara Heights, Sunway Damansara, Penang and Langwaki.
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Prices of property vary by quality and popularity of area but Malaysia property offers a very wide spread of pricing bands. A 30% deposit of the property value is usually required for overseas purchasers of of-plan investment property in Malaysia. Average condominium prices can range from less than £40,000 for a studio to £150,000.
Bungalows from £80,000 to £225,000 or more - depending (as usual) on location - and two storey houses (with 5 or 6 bedrooms and 3 or 4 bathrooms) £200,000 upwards. Currently, base lending rate is 6.5% per annum, but the mortgage market for Malaysian property is reasonably competitive and fixed rate and other discounted rates are available; loans are available up to a period of 30 years.
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