Malaysia property benefiting from strong economy and tourism

A strong growth rate in the Malaysian overall economy indicates the effectiveness of growing sectors within the country, such as the property sector.

Last year Malaysia's economy grew by an incredible 7.3%. An increase like that hasn't been seen in the country since 2004, but the growth is not a fluke.

The services sector has helped stabilise the economy and is making property a profitable investment again. While the Gross Domestic Product is helped along by Malaysia's agricultural, mining and construction companies, the services industry has contributed the most to a solid year. The strong domestic demand is a good sign that foreign money isn't the only capital flowing through the economy. Private sector activities and increased public spending will continue to play their part in future economic growth.

Malaysia is also working hard to bring local travelers to the country. Rental property owners are watching the activities of the Malaysia Tourism Promotion Board with interest. The Tourism Board has been instrumental in organising activities throughout Malaysia with a focus on HCMC events.

Recently, a strong drive has been made to attract visitors from Vietnam for Formula 1 racing. Sports tourism could emerge as a great way of attracting local travelers. Looking at Thailand as a model, the board realises it is fighting an uphill battle. Thailand's first Formula 1 race only drew a handful of travellers. Six years later it is bringing hundreds of them back. 

Rental property owners in Thailand have found that the event has helped keep rental occupancy rates up. The HCMC race will not only bring speed lovers but will also attract additional visitors with other activities.

The Malaysia Tourism Promotion Board is planning a music festival and fashion performance to entertain the masses. Sightseeing tours of the country will also be promoted along with discounted shopping. The event itself will take March 21 to 23. Marketing to local travellers will certainly bolster the country's tourism industry and could pave the way for even strong economic growth for 2008.