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Vision 2020 is on the go as the property industry in Malaysia promises to take an upward turn. Following the reduction of the minimum price threshold on high-rise properties for foreigners, Juwai.com – the leading portal in Chinese international property markets, have said that Malaysia should expect a higher patronage from the foreign buyers.
The Malaysian government made this proposition in the 2020 budget, to aid the industry in marketing some of their unsold merchandise. the threshold is now RM600,000, which is RM400,000 short of the previous threshold RM1 million.
However, the lower threshold applies only for the span of the year, after which it reverts to the initial value.
Kuala Lumpur, Penang, Selangor, and Johor among others, have thousands of high-rise edifices overhang, estimated at RM6.775 billion, and would definitely be front liners in the 2020 sales. According to information from the Department of Valuation and Property Services, Kuala Lumpur features the highest overhang of unsold real estate merchandises, valuated at RM2.338 billion, with Penang, with Selangor and Johor following behind.
Kashif Ansari, the executive director of Juwai IQI, has made the claim that the industry has responded positively to the government’s gesture, informed by the survey conducted among over 370 real estate agents in Malaysia in the penultimate month of 2019.
Kashif also reiterated that Malaysia was fifth in the list of most popular countries for Chinese property buying inquiries globally, and he strongly believes this trend will continue in 2020, or possibly increase.
He further added that Malaysia has welcomed a lot of foreigners who now refer to it as their second home.
The MM2H (Malaysia My Second Home) Scheme has put the nation in the forefront as one of the most foreign-friendly countries in Southeast Asia, and this has brought good markets for the property industry, from real estate investors.
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