The Government may increase property prices for foreigners who wish to purchase property in Malaysia. Currently, the minimum amount foreigners have to spend when buying a property is RM500, 000. This move is to help control the rise of property prices for locals.
The new proposed minimum amount is RM1mil, but it may be lowered to RM800, 000, to attract overseas customers. This proposal was made because of complaints from younger, middle-class Malaysians who feel priced out of the property market.
A number of foreigners who choose to relocate in Malaysia do so because of the low property prices. This move, if approved, might be a small obstacle for the Malaysia My Second Home Programme, an initiative launched by The Ministry of Tourism.
Currently, the so-called proposal is still in the pipeline and has yet to be implemented