Malaysia set to tighten property purchase policy for foreigners

Malaysia set to tighten property purchase policy for foreignersMalaysia is working on making it more difficult for foreigners to buy property in the country in order to “safeguard the interests of Malaysians” and curb speculation.

The government might raise the minimum purchase price for properties bought by foreigners due to the weakening ringgit or would require foreigners to pay the purchasing price in US dollar, according to housing Minister Noh Omar.

A proposal in this regard will be made to the cabinet shortly, he said.

The new rules were aimed at “protecting the interest of local house buyers, as well as to control property ownership by foreigners.”

Currently, foreigners can only buy Malaysian property valued at a minimum of 1 million ringgit (approx. $245,000). This price, set by the federal government, has been revised several times in the last two decades, but state governments are allowed to set their own minimum prices.

A new regulation would increase the floor price to a new minimum, but the minister said an “in-depth study” would be needed to determine a new amount. It would also end the policy of states setting their own price which in future would need the federal ministry’s approval.



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Malaysia is working on making it more difficult for foreigners to buy property in the country in order to "safeguard the interests of Malaysians" and curb speculation. The government might raise the minimum purchase price for properties bought by foreigners due to the weakening ringgit or would require foreigners to pay the purchasing price in US dollar, according to housing Minister Noh Omar. A proposal in this regard will be made to the cabinet shortly, he said. The new rules were aimed at "protecting the interest of local house buyers, as well as to control property ownership by foreigners." Currently,...

Malaysia set to tighten property purchase policy for foreignersMalaysia is working on making it more difficult for foreigners to buy property in the country in order to “safeguard the interests of Malaysians” and curb speculation.

The government might raise the minimum purchase price for properties bought by foreigners due to the weakening ringgit or would require foreigners to pay the purchasing price in US dollar, according to housing Minister Noh Omar.

A proposal in this regard will be made to the cabinet shortly, he said.

The new rules were aimed at “protecting the interest of local house buyers, as well as to control property ownership by foreigners.”

Currently, foreigners can only buy Malaysian property valued at a minimum of 1 million ringgit (approx. $245,000). This price, set by the federal government, has been revised several times in the last two decades, but state governments are allowed to set their own minimum prices.

A new regulation would increase the floor price to a new minimum, but the minister said an “in-depth study” would be needed to determine a new amount. It would also end the policy of states setting their own price which in future would need the federal ministry’s approval.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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