Are you a foreign investor planning to get a Malaysia property? You might want to check out this news.
Reports have surfaced that the Malaysian government is considering raising the minimum Malaysia property purchase price for foreigners due to the weakening value of ringgit. According to Housing Minister Noh Omar, revamping the base price for foreigners would give Malaysians more availability to buy a property investment. This comes amid a surge of interest from foreign buyers because of the poor ringgit exchange rate against foreign currencies.
The Kuala Lumpur skyline
Today, in general, foreigners can only purchase Malaysia property if they are priced at RM1 Million (around $318,000) and above. In previous years, several revisions for the foreign purchase price had been made. Meanwhile, state governments have the power to set their own minimum prices.
Urban Wellbeing, Housing and Local Government minister, Tan Sri Noh, shared that two options were raised after conducting a study on this issue facing Malaysia real estate. One would be to increase the minimum price to RM1 million per Malaysia property. The second option is to set the minimum price in US dollars.
In an article published on The Straits Times, the minister talked about the recent Malaysia property market state when asked to comment about the report regarding Penang state government’s plan to reduce the minimum purchase price for foreign property investors to RM800,000.
Malaysia property in Johor, such as in the Iskandar Malaysia region, Penang, Malacca and Kuala Lumpur are often sought by foreign property investors particularly from Singapore.
If you’re interested in Malaysia property investment, check out this blog for Malaysia property for sale, buying tips and real estate listings.