Property prices in Kuala Lumpur rose by just over 5% in 2016, according to Knight Frank’s latest survey.
Kuala Lumpur came in 79th position in the Knight Frank Global Residential Cities survey, which ranked 150 international cities in terms of property price appreciation.
This ranking put the Malaysian capital ahead of many US cities, including Chicago, as well as the Spanish capital of Madrid.
Meanwhile Singapore came in at 140th place as its housing prices saw prices drop by 2.6%, while Jakarta appreciated very slightly at just 1%, putting the Indonesian capital in 115th place.
It came as no surprise that Chinese cities saw the most appreciation elsewhere in the world, with nine cities within China making it in the top ten places of the survey. Nanjing topped the list with a 41.1% hike in property prices.
Sarkunan Subramaniam, MD of Knight Frank Malaysia, said that despite the weaker property market conditions, house prices in Kuala Lumpur had continued on the “uptrend”.
He continued on to say that the prices of residential properties in established areas are expected to continue to do well with moderate appreciation in prices, while predicting more rapid developments in areas surrounding new Light Rail Transit and Mass Rapid Transit stations.
House prices globally across all the listed cities increased by 6.6% in 2016, which is the highest rate since 2013.
But, as Knight Frank pointed out, if Chinese cities were to be excluded from the list, which has 49 Asia-Pacific cities, then the global appreciation average would only stand at 4.9 per cent.
Moscow came at the bottom of the list, with a 15% depreciation.