As Malaysia is now on the brink of recession, it is actually a good time to buy property. I don't mean right now but within this year and next as Bank Negara will probably cut Overnight Policy Rate (OPR), by another couple of rounds in the next two quarters.
Bank interest rates are so bloody low now there isn't any point to keep cash in the bank because the returns are almost insignificant. Savings and Fixed Deposits are no longer viable investments and the only thing good about them is the almost ZERO risk. If you have RM60,000 or less in the bank, you will even be covered by deposit insurance and that means you will carry no risk at all.
So I was checking out properties in Kuala Lumpur and to my horror, I could only afford those run down low cost properties that are in desperate need of maintenance. The most I could afford are medium - low cost flat or smaller houses. I could probably buy something better in Ipoh but the difference will be slight. Besides, real estate development is so slow here in Ipoh, it is not a viable investment.
I regret that I have been supporting my family so well these past years. If I had been a little selfish, i would have been able to seize this opportunity of an economic downturn and secure a property or two and poise myself for an upswing.
Wednesday, March 04, 2009
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment