Many such areas in Malaysia are touted to be the property hotspots. Just two that needs mentioning here are Penang and Johor.
Malaysian properties are being promoted time and time again in foreign lands to woo investors and developers. Developers in real estate Malaysia believe this to be a method of welcoming buyers from overseas to invest in this south Asian country. Also, the government in Malaysia is working very hard to encourage buyers from outside. Till now the focus has remained on the residential and commercial developments only. But, with time Malaysian government has started advertising and expecting similar involvement of foreign buyers in high-end developments.
Seeing the current stats, foreign buyers contribute only 2% in the total sales of Malaysia properties every year, which is very small. When compared to Singapore, the figure there ranges around 30%, which is enough to show the difference. Annually around 120,000 units get added in the Malaysian real estate scenario, of which only 2400 i.e. 2% units are being bought by investors from outside Malaysia.
Practically, comparing Malaysia with countries like Singapore does not seem feasible as the market dynamics differ significantly over different places. Just to ensure that Malaysia does not remain behind from other nations, the government here is undertaking strict measures and has set primary objectives for the same. To ensure that every step taken in this aspect turns returning an MPI was set up in Malaysia in 2008. There are two primary objectives of this Malaysian government operated agency. One is creating international awareness about property penang and second to set up connections between foreign developers and key players in Malaysian real estate. Also, the scope is not restricted to just residential and commercial properties but extends over every property and development in Malaysia.
Real estate incorporates a very vast area. From land buying and selling to office and home building to factories and staff accommodation, it’s made up of all this and much more. Foreigners in Malaysia are given similar freedom so as to help them feel at home. Overseas investors in Malaysia also have freedom to enter into a joint venture with the local investors from the land without much hassle. This has helped investors who particularly wanted a companion to before making an investment in Malaysian properties.
The high end condominium market in real estate malaysia specially needs the support of foreign investors. In 2012, the high end condominium market in Malaysia is expected to experience a boom as the price in selling and renting may modify. New rules have also been initiated out of which a higher down payment on third property purchase was one that made news. As for now, predictions for the years mid are anticipated to remain good, but for the third and fourth quarter it would be too early to raise any comment.
When compared to Singapore, rules in Malaysia are different. Investors from overseas can buy any land here and the only requirement for the same is that the property should range above a particular price threshold. Also, the currency exchange rate makes it additionally more affordable for foreigners to buy properties in Malaysia, who spend little green money to buy a property here. Many such areas in Malaysia are touted to be the property hotspots. Just two that needs mentioning here are Penang and Johor.
The author is an expert in real estate malaysia and works with SriShanBid to assist with buying and selling of malaysia properties. SriShanBid as a leading property company can help anyone in finding their dream property penang at best possible deals.