PART 1 Upsides of UNESCO World Heritage Site Status for Property Investment
Malaysia is a beautiful country full of diversity – with a blend of different cultures, people, and food, Malaysia is known to be a country where you can expect to experience diversity and excitement.
Malaysia is developing a tourism industry at an incredible pace and heritage tourism is a niche of particular interest. As a property investor, I look at heritage properties as one of the lesser-known opportunities that we can tap into. As I always tell my students in my closed-door workshops, we don’t fight the property market, we let the market come to us. Where others are listening to the market noise, we as property investors, seek the opportunities present in the market.
Let’s look at Malaysia’s trajectory as a nation. In the year 2018, Malaysia attracted 25.8 million tourist arrivals that contributed a total of RM84.1 billion in revenue. By 2020, Malaysia's government is expecting to attract a total of 30 billion tourist arrivals with RM100 billion in revenue, an increase of 18%.
While we look at these numbers, what does it mean to you? Do you see how you can tap into this revenue by providing strategic housing to tourists?
A Dutch windmill on display in Banda Hilir, Melaka, with the Stadhuys in the background.
When I started studying heritage properties as potential investments, I came across UNESCO's World Heritage Site. What I found was that there is a global recognition in the preservation of natural and cultural heritage sites.
With UNESCO’s recognition, an obscure local site can be catapulted into international prominence as a major tourist attraction. This means plenty of traffic and attraction bringing tourists from all over the world. Searching on UNESCO's website, and I found out that currently, there are only five locations that are officially recognised by UNESCO: Malacca, Penang, the Lenggong Valley, the Gunung Mulu National Park, and Kinabalu National Park.
Keep reading Part 2 of this article!
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