New foreigner ownership policy for Malaysia Property

Malaysia government’s last month Malaysia Budget 2014 announcements to increase foreigners purchasing Malaysia housing entry level raised from 500 thousand Malaysia Dollar to 1 million Malaysia Dollar. However, yesterday on 8 Nov 2013 Johor State government said that government will conditional allow foreigner in purchasing Johor property under 1 million.

According to Malaysia chinese newspaper Sin Chew Daily Newspapers, Johor State Housing and Local Government executitive councillor Datuk Abdul Latiff Bandi mentioned that the housing development projects that Johor Legislative Council has approved previously will continue follow the old property purchasing policy, which refer to foreigner may buy house above Malaysia dollar 500 thousand.

Latiff Bandi attended to Malaysia Johor Real Estate and Housing Developers Association (REDHA) held’s Malaysia Housing Expo (MAPEX) and express this after being asked following the expo exhibition.

According to Malaysia 2014 Budget Plan release last month, the plan list down that foreigner who purchase the Malaysia property must purchase 1 million and above with effective 1 Jan 2013 and the foreigner levy will be adjusted from current 10 thousand to 2% of the property price which will take effective at 1 May 2014.

Following the Malaysia 2014 Budget announcements, Johor state government is reviewing property ownership policies for overseas buyers looking to invest in the Iskandar areas. Property in Iskandar has been doubling within this few years seeing the successfully of capital in flow from foreign investor attracted by government business friendly and tax incentives given to foreign company and corporate to set up their businesses in Iskandar region.

Few property developer mentioned that foreigner who purchase Johor property is not many and within 10% only. This is mainly because government has other restriction in place, that is reason why speculation on Johor property is not obvious. Developer said that they wouldn’t build over million property to purposely available for foreigner as such market and demand for foreigner is limited.

 

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Alvin Mah
016 – 888 4292 / alvin-ma@live.com
Property consultant
Website: http://mproperty.asia
Property Consultancy and Property Management services, Renovation and Refurbishment Services, Mortgage and Housing Loan Insurance services

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