Malaysian homes get cheaper for foreign buyers.

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Kung-fu Hillbilly
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Malaysian homes get cheaper for foreign buyers.

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Residential apartments under construction in Johor, Malaysia. Photo: Reuters

Tashny Sukumaran
10 Nov, 2019

Foreign buyers are in for a bargain as Malaysia slashes the minimum price threshold for property sales

Foreigners looking to buy property in Malaysia can now do so for as little as 600,000 ringgit (US$145,000) following a controversial move by the government to slash the threshold for foreign buyers by 40 per cent to address an oversupply of high-rise units.

The housing industry hopes the move will help shift 8.3 billion ringgit worth of high-rise units in a property market that has traditionally attracted keen interest from Singapore, Hong Kong and mainland China. However, detractors say lowering the threshold from one million ringgit (US$240,000) could trigger an influx of foreign buyers and encourage developers to inflate prices in a nation where more than one in four people cannot afford to own a home.

“Depending on the take-up, encouraging foreign buyers is a quick way to reduce excess supply and strengthen the resilience of the property market, especially in a low-density country like Malaysia where space and land availability are less of a concern compared to [places] like Hong Kong and Singapore or populous countries like China,” Yeah said.

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