Downtown Kuala Lumpur is a veritable forest of construction cranes, with condos projects going up everywhere. Prices strike me as high, with some large complexes having units only from a million U.S. dollars and up. Similarly, on the way in from the airport to the city you see fields of ochre-roofed tract real estate developments all around, most of which are half-empty (my driver said) and had been built in the last two years.
So, is there a real estate bubble here? Most people I spoke to here assured me that there isnâ€™t, that downpayments are hefty and people canâ€™t play the sort of low-payment games that they can in the U.S. That was mildly reassuring, at least until I saw the following advertisement in a local paper. Check the highlighted sections.