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> MALAYSIA MIGHT INCREASE PRICE FLOOR FOR FOREIGNERS, To Encourage Dvlpers to Focus Affordable (Investment)

accetera
post Jul 11 2018, 08:25 PM, updated 2w ago

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Malaysian govt looking into hiking minimum property prices for foreigners
By EdgeProp Malaysia / EdgeProp Malaysia | July 11, 2018 2:47 PM SGT


11 JULY 2018 ::: Putrajaya is studying the possibility of increasing minimum property prices for foreign buyers.

Housing and Local Government Ministry secretary general Datuk Mohammad Mentek told a local business publication that “a new threshold will be set based on the condition of the local currency”.

“The move to review the floor price would give local potential buyers a wider opportunity to own a property in Malaysia.

“Also, due to our foreign currency exchange rate, the threshold is actually quite low if we consider the current economic condition. To make a comparison, RM1 million is currently at around US$250,000,” Mohammad told The Malaysian Reserve at the 2018 National Waste Management Conference here yesterday.

He did not reveal the timeline for the government to introduce the new increase.

Mohammad explained that the increased minimum prices would “help shift the property developers’ interest from luxury development to affordable homes”.

“Property developers now seem comfortable at providing RM1 million and above developments to attract foreign buyers.

“The favouritism is contradicting to the government’s intention in building more affordable houses. We want them to focus on building houses for Malaysians,” he told the business daily.

The government revised the minimum limit for foreign property buyers from RM500,000 to RM1 million in several states back in early 2014.

Currently, the threshold for residential property purchase for foreigners is capped at RM1 million, excluding those in Penang Island, Perlis, Melaka, Kedah and Sarawak.


This story first appeared on EdgeProp.my
Lion Cut
post Jul 11 2018, 08:37 PM

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minimum USD500k i support
alwyn75
post Jul 11 2018, 08:40 PM

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Like this susah cari makan for mm2h program...
empatTan
post Jul 11 2018, 08:52 PM

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Good. Push up d high end, leave d low end alone, mid end may suffer tho, as per always...
SmallPenguin
post Jul 11 2018, 08:54 PM

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min RM1m

ok
Jagalat
post Jul 11 2018, 08:58 PM

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With this news out, will foreigners quickly go to buy property in short term?
For long terms, will the new entry price cause mid range expats/foreigners to rent? Hence good for rental play?
drTai(Plastic Surgeon)
post Jul 11 2018, 08:58 PM

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Things are getting worse isn't it.? So many unsold properties, the market is so dull and here it comes.........bunch of idiots cool2.gif
icemanfx
post Jul 11 2018, 09:13 PM

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QUOTE(alwyn75 @ Jul 11 2018, 08:40 PM)
Like this susah cari makan for mm2h program...
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us$500k is affordable to well off foreigners.

QUOTE(Jagalat @ Jul 11 2018, 08:58 PM)
With this news out, will foreigners quickly go to buy property in short term?
For long terms, will the new entry price cause mid range expats/foreigners to rent? Hence good for rental play?
*
So far, most foreigners are incurring paper loss on their kv property investment. Doubt there will be a rush to buy.

ManutdGiggs
post Jul 11 2018, 10:05 PM

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QUOTE(icemanfx @ Jul 11 2018, 09:13 PM)
us$500k is affordable to well off foreigners.
So far, most foreigners are incurring paper loss on their kv property investment. Doubt there will be a rush to buy.
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Interesting. But I hope to hav proof to sapot ur claim. 👌👍
icemanfx
post Jul 11 2018, 10:40 PM

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QUOTE(ManutdGiggs @ Jul 11 2018, 10:05 PM)
Interesting. But I hope to hav proof to sapot ur claim. 👌👍
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Unker, most bought when usd was myr 3.2. a reason why tongsan Mari shy away from kv property.

ManutdGiggs
post Jul 11 2018, 10:57 PM

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QUOTE(icemanfx @ Jul 11 2018, 10:40 PM)
Unker, most bought when usd was myr 3.2. a reason why tongsan Mari shy away from kv property.
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I'm a simple guy. Just wan proof n link to read nia. Can u help??? Dun tell me u dun hav any proof to ur claim gua 🤔🤔🤔
icemanfx
post Jul 11 2018, 11:14 PM

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QUOTE(ManutdGiggs @ Jul 11 2018, 10:57 PM)
I'm a simple guy. Just wan proof n link to read nia. Can u help??? Dun tell me u dun hav any proof to ur claim gua 🤔🤔🤔
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I am sure your tycoon friends have tongsan Mari that have bought kv property.

ManutdGiggs
post Jul 11 2018, 11:25 PM

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QUOTE(icemanfx @ Jul 11 2018, 11:14 PM)
I am sure your tycoon friends have tongsan Mari that have bought kv property.
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Soli aunty I dun hav. Just a simple request hoping u can help to share ur findings. I mean if u ever hav la. 😉👌
Quang1819
post Jul 11 2018, 11:58 PM

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Hm... Will it work? Although might prevent more flippers, but most of them are cash rich anyway. And I always wonder how many percent of V Residence owners are PRC. During the weekdays the whole mall is like PRC land lol
nexona88
post Jul 12 2018, 11:16 AM

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Hmm..
Interesting...

So how much they would increased the min pricing??
USD 500k??
balistafear
post Jul 12 2018, 11:34 AM

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Good initiative, just also need to give more attention to backdoors at bypassing all this regulations. As of today, still have many holes for those who are serious. Just not reported only, those who know also diam diam
1depp1
post Jul 12 2018, 11:36 AM

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I support this move.
flight
post Jul 12 2018, 03:43 PM

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This is a damn bloody stupid move.

Why dont u just cancel the mm2h program?

There is nowhere near enough expats settling down in Malaysia to encourage developers to build many rm1mil properties.

If u ask me, the threshold should be lowered to rm500k. Encourage more ppl to come and other sectors will see a big benefit.
Aventador360
post Jul 12 2018, 03:49 PM

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Not a good idea. This hasn't worked at all since they increased from RM500k to RM1M and it isn't going to work to increase it from RM1m. There is so much supply in the market that it needs buyers in all shapes and sizes to pick up the slack. Go back to Rm500k and promote development of units lesser than that value.
Aventador360
post Jul 12 2018, 03:50 PM

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QUOTE(flight @ Jul 12 2018, 03:43 PM)
This is a damn bloody stupid move.

Why dont u just cancel the mm2h program?

There is nowhere near enough expats settling down in Malaysia to encourage developers to build many rm1mil properties.

If u ask me, the threshold should be lowered to rm500k. Encourage more ppl to come and other sectors will see a big benefit.
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Agreed.

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