# Economic events



## Contractor (May 11, 2008)

Hi,

With the recent financial markets turmoil, has this had a negative effect on the cost of accomodation in Penang/KL ?

Thanks


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## Malaysiana (Mar 27, 2009)

*Impact of crisis on property prices*



Contractor said:


> Hi,
> 
> With the recent financial markets turmoil, has this had a negative effect on the cost of accomodation in Penang/KL ?
> 
> Thanks


Hi. Well, prices have definitely fallen for high-rise residential properties particularly in the Kuala Lumpur City Centre (KLCC) area because the global financial meltdown because foreign buyers form a significant part of this property market segment. It was reported in the press that there was still some foreigners buying high-end condominiums with cash, mainly from the Middle East in the second half of 2008. However, rents in Mont' Kiara, a residential hub popular with expats in Malaysia, will remain steady due to the opening of a new international school opening in the area.


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