Executive summary
KL prime residential closed H2 2025 with stable pricing and declining transaction velocity. Median transacted prices across the four prime districts (Mont Kiara, KLCC, Bangsar, Damansara Heights) moved less than 3% in either direction versus H1. However, average days-on-market extended from 38 to 54 days — a signal that the market is buyers' territory, not sellers'.
Mont Kiara: continued overhang
H2 2025 saw 178 transactions in Mont Kiara (versus 192 in H1). Median price: RM 665 psf. The circa-2012-2016 vintage stock continues to underperform relative to newer builds. Service charge delinquency in three projects exceeded 15% — a warning sign for buyers considering those addresses. Top performers: Sunway Vivaldi, 10 Mont Kiara, Kiaramas Ayuria.
KLCC: two-speed market
KLCC remained the strongest performer in H2 2025. Branded residences (Four Seasons, The Ritz-Carlton, St. Regis) transacted above RM 1,800 psf with strong demand from foreign buyers. Non-branded KLCC stock median: RM 1,240 psf. The bifurcation is clear and widening. If you're not in the branded tier, you're competing on price against a large inventory of comparable units.
Bangsar: resilient but range-bound
Bangsar showed the most stable price action in H2 2025 — median RM 810 psf, effectively unchanged from H1's RM 795 psf. Transaction velocity was steady at 23-27 units per month. The landed segment (terrace and semi-D) significantly outperformed condominiums, with prices firming 5-7% year-on-year. The condominium segment remains well-supplied.
2026 outlook
Base case: flat to marginal improvement in prime KL pricing through 2026. The catalysts for meaningful appreciation are not yet in place — a structural reduction in new supply (which remains elevated) and sustained foreign buyer demand increase would be needed. Risk case: continued Ringgit appreciation against CNY and HKD reduces Malaysian property attractiveness for Chinese buyers. Bull case: MM2H programme demand surge from Chinese nationals following further policy relaxation drives concentrated demand in the RM 800K-1.5M range.
执行摘要
吉隆坡黄金住宅以稳定的价格和下降的成交速度结束了2025年下半年。四个黄金地段（满家乐、KLCC、孟沙、白沙罗高地）的中位成交价格与上半年相比波动不超过3%。然而，平均挂牌天数从38天延长至54天——这是市场属于买方而非卖方的信号。
满家乐：持续过剩
2025年下半年满家乐录得178宗成交（上半年为192宗）。中位价格：每平方尺665令吉。2012-2016年左右的存量房屋与新建楼盘相比持续表现不佳。三个项目的服务费拖欠率超过15%——对考虑这些地址的买家来说是警告信号。表现最佳：Sunway Vivaldi、10满家乐、Kiaramas Ayuria。
KLCC：双速市场
KLCC仍是2025年下半年表现最强的板块。品牌公寓（四季、丽思卡尔顿、圣瑞吉斯）以超过每平方尺1800令吉成交，外国买家需求强劲。非品牌KLCC存量中位价：每平方尺1240令吉。分化明显且在扩大。如果你不在品牌层级，你就在与大量可比单位在价格上竞争。
孟沙：韧性但区间震荡
孟沙在2025年下半年表现出最稳定的价格走势——中位价每平方尺810令吉，与上半年的795令吉实际持平。成交速度稳定在每月23-27个单位。有地产业（排屋和半独立式）明显优于公寓，价格同比坚挺5-7%。公寓板块供应依然充足。
2026年展望
基准情景：2026年吉隆坡黄金地段价格持平至小幅改善。实现显著升值的催化剂尚未就位——需要新供应量（目前仍然较高）的结构性减少以及外国买家需求的持续增加。风险情景：令吉对人民币和港元继续升值，降低了马来西亚房产对中国买家的吸引力。乐观情景：随着政策进一步放宽，中国国民对MM2H计划的需求激增，推动80万至150万令吉区间的集中需求。