Perak Darul Ridzuan | The Rising Phoenix of Malay Peninsula – A Brief Residential Overview

March 24, 2023

Unquestionably, Perak’s diverse culture and natural beauty make it an attractive destination. Currently, residential property is one of the most important and fundamental assets individuals and families can invest in. It is a long-term investment that can provide a stable and secure source of income and wealth generation. One of the key benefits of residential property is that it provides a stable and secure home for individuals and families. It is a place where people can create memories and build a life for themselves and their loved ones while providing a sense of security and stability.

As with many other regions in Malaysia, the residential property market in Perak is highly diverse, ranging from luxurious high-rise condominiums to traditional terraced houses, as the state is known for its diverse cultural heritage, natural beauty, and historical landmarks. Viewing through the state’s capital, Ipoh is a popular location for residential property investments. It is a bustling city that offers a mix of modern amenities and traditional charm. Many of the residential properties in Ipoh are situated in highly sought-after neighbourhoods, such as Greentown and Taman Ipoh.

As a matter of fact, one of the main benefits of investing in residential property in Perak is the relatively low cost of living compared to other regions in Malaysia. Hence, this makes it an attractive option for both local and foreign investors that are looking to purchase property for personal or investment purposes.

Data retrieved from National Property Information Centre (NAPIC) highlights the strong growth and demand for residential property in Perak. The significant increase in the number of properties from Q3 of 2021 (7,475) to Q3 of 2022 (13,244) indicates that Perak is becoming an attractive location for property investment, with more developers and investors entering the market.

Surprisingly, residential property holds the majority of the properties in Perak as it covers 61.7% of the rest of the property types, indicating that it is the most sought-after property type in the state. From the Q3 of 2021 to Q3 of 2022, the number of residential properties transacted has increased from 5,703 to 8,166, with an increase in value from RM1,334.91mil to RM1,861.64mil, which shows a strong demand for housing in Perak.

The below graphs are self-explanatory:

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