By Viktor Chong viktorchong@thestar.com.my

With the current rise in property prices, real estate agents might consider exorcism as part of their additional skills.

The land of Asia has always been rife with superstition and folklores. Unsurprisingly, Malaysia, with its melting pot of cultures and beliefs, is a breeding ground for ghost stories, haunted houses and many more.

From the property market perspective, the prices of houses are not only affected by their essential attributes such as the built up size or the number of rooms and bathrooms. Events such as tragedies and deaths that have occurred under the roof of the house are also some of the  points to consider.

For some Chinese, it is equated to negative energy, which in layman's terms translates to “cannot sell or sell cheaper.” The Malay Muslim community, on the other hand, frowns at the notion of ghostly creatures, branding such thoughts as “syirik”.

As much as Malaysians are fearful of ghosts, there is a new fear that is creeping into our lives. Rising house prices is a scary notion, and unlike spirits and mumbo-jumbo, it is very much real, with very tangible effects on our lives.

Landlord Ng Goon-lau, 66, poses inside a lift of a building where two suicides have taken place in his property, in Hong Kong.

Already in Hong Kong, the scarcity of land has given rise to intrepid entrepreneurs who grabbed less desired properties that are associated with suicide and haunting. Landlord Ng Goon Lau, 66, from Hong Kong was dubbed the “King of Haunted Flats” by local media as he was known for buying haunted flats or “hongza” properties.

He bought a 325 sq ft condo unit that had a double suicide for just over HK$1mil (RM515,243) in 2012, 30% less than the market rate. Ng speculated that the apartment might be worth around HK$4.4mil (RM2.2mil) in another eight years time. According to Ng, the heavy discounts for haunted apartments have narrowed from about 30% in 2013 to about 10% this year. Previously, he was able to buy such houses at around a 40% discount.

The reclaimed land of Seri Tanjung Pinang Phase One project at Tanjung Tokong, Penang.

Not unlike Hong Kong, the prices of property in Malaysia is steadily rising, especially in Penang where major land reclamation is taking place. Suddenly, the idea of owning haunted houses or properties nearby to cemeteries doesn’t sound like a bad idea after all.

Property investors with huge risk taking appetites could consider executing the same manoeuvre, becoming the Malaysian King of Haunted Flats. However, do note that the Malaysian property landscape is vastly different.

Unlike Hong Kong, Malaysia still has ample land and space, albeit not in Penang or Kuala Lumpur. The scarcity of land in Penang would raise prices, but take note that there is still ample space for residents to move. The rise in property prices will most likely just push residents away from the island into other places in the country. It negates the benefits enjoyed by “Hongza” property owners in Hong Kong.

Further on, such houses usually suffer from reduced tenancy, lower rental yield and lower resale value. Potential investors need to seriously consider such factors before attempting to move against the collective herd. We do have to realise that the stigma associated with haunted properties are largely psychological, not physical.

Perhaps these properties could be “furnished” by having a shaman performing an exorcism. A renovation could also be done to eliminate the dark past of the property.

It will be very interesting to witness our very own local property investors trailblazing the property market with a portfolio of haunted properties.

For those readers who are planning to buy a cheap house, would you consider a “Hongza” as a viable homeownership option? Are you afraid of the dead? Or does the fear of spiralling property prices make for a better horror story? We do know without a shred of doubt that homelessness is truly, a frightening prospect!

Have you experienced an hair-raising encounter with other worldly beings? Have you been alone at your house only to realise that you had company?

Do you have a haunted houses story to share? Share your story in the form below!