Malaysia government’s last month Malaysia Budget 2014
announcement to increase foreigners buy property in Malaysia 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 home buyers in purchasing Johor property under RM1
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 new housing developments projects
that Johor Legislative Council has approved previously will continue follow the
old property purchasing policy, which refer to foreigner home buyers may buy property
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 Budget 2014 release last month, the
plan list down that foreigner who buy property in Malaysia must purchase RM1
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 Budget 2014 announcement, Johor state
government is reviewing property ownership policies for overseas home buyers
looking to invest in the Iskandar Malaysia areas. Property market in Iskandar Malaysia
has been doubling within this few years seeing the successfully of capital in
flow of real estate investments attracted by government business friendly and tax
incentives given to foreign companies and corporate to set up their businesses in
Iskandar Malaysia region.
Few property developer mentioned that foreigner who buy property
in Johor 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 market
is not obvious. Property developer said that they wouldn’t build over million new
property to purposely available for foreigner as such property market and demand
for foreigner is limited.
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| Malaysia Budget 2014 |
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