Silver lining for property owners in US and UK

PETALING JAYA: The weakening ringgit may be bad news for Malaysians but there is a silver lining for some with property in countries like the United States and United Kingdom.

This is because they could gain from selling their property abroad and obtaining a higher profit in ringgit, thanks to the currency exchange.

Marketing director Chan Sook Fen, who owns an apartment in London, said the value of the property in ringgit terms was worth more now than when she first bought it in 2011.

“It is a long-term investment so the weakening ringgit does not affect me much.

“However, my net worth has definitely increased due to this,” she said yesterday.

Chan, 33, said it was a good time for investors to sell their property in the United Kingdom because they could take advantage of the weak ringgit.

In February last year, a survey by Knight Frank LLP, a leading independent global property consultant, revealed that there was a 25% increase in people searching for investment opportunities abroad.

The survey, quoted by HSBC Bank Malaysia Bhd, revealed that among the Malaysians surveyed, some 36% owned property in Singapore, 26% in Australia and 14% in the United Kingdom.