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MALAYSIA HAS THE MOST LIBERAL POLICY ON FOREIGN OWNERSHIP: Even as the Asean Economic Community (AEC) heads towards the goal of regional economic integration by 2015, the regional property markets continue to see restrictions among member countries.

Here is a quick roundup of Asean 5 comprising Singapore, the Philippines, Indonesia, Thailand and Malaysia.

The conclusion is that Malaysia seems to be the most liberal in the case of foreign property ownership although land is a ...state matter. If a foreign national wishes to purchase a residential property in Malaysia, he must therefore make an application to the state authority to obtain the state consent before he completes the transaction. If this is not complied with, the sale or disposal can be rendered null and void.

Even with this additional level to overcome in order to complete a purchase, foreigners can own and purchase freehold land and other types of properties, landed and high-rise projects, industrial and commercial properties, anywhere in the country as long as they are prepared to fork out a minimum of RM2mil. Only Malay reserve land are prohibited.

They can own properties 100% under their names. Therefore, despite the various pricing thresholds in the different states and the need for state consent, these restrictions seem minute compared with the compliances in other countries.

While the current interest among Malaysians and well-heeled Singaporeans are Britain, Australia and the United States, perhaps in the very distant future, the property markets closer home will be more appealing and the buying process more cohesive and integrated among the people who reside in this region.

Knight Frank Asia-Pacific head of research Nicholas Holt comments about Malaysia:

The key markets are Iskandar Malaysia in Johor, Penang in the north and the Klang Valley. There is price pressure here and land is a state matter with different pricing limits for foreign ownership. However, they are allowed to buy freehold, landed properties and high-rise condominums in these three most popular areas. Foreign buyers in Penang are subject to a minimum threshold of RM1mil for condos and RM2mil for landed properties on the island, and RM1mil for all types of properties in Seberang Prai on the mainland.

In Johor, the minimum price cap is RM1mil but they are allowed to buy most types of properties, while in Selangor it is RM2mil in most of the districts. In the Federal Territory, the minimum threshold is RM1mil.

These restrictions aside, the last couple of years have seen a greater interest in locations such as Kota Kinabalu in Sabah among Asian buyers. Malaysia also has a Malaysia My Second Home programme under the Tourism and Culture Ministry which is open to all countries. The programme has numerous requirements which include a minimum monthly income, minimum liquid assets, a fixed deposit, plus various other rules. It was launched in 2002.

Thean Lee Cheng, The Star

MALAYSIA HAS THE MOST LIBERAL POLICY ON FOREIGN OWNERSHIP: Even as the Asean Economic Community (AEC) heads towards the goal of regional economic integration by 2015, the regional property markets continue to see restrictions among member countries.

Here is a quick roundup of Asean 5 comprising Singapore, the Philippines, Indonesia, Thailand and Malaysia.

The conclusion is that Malaysia seems to be the most liberal in the case of foreign property ownership although land is a state matter. If a foreign national wishes to purchase a residential property in Malaysia, he must therefore make an application to the state authority to obtain the state consent before he completes the transaction. If this is not complied with, the sale or disposal can be rendered null and void.

Even with this additional level to overcome in order to complete a purchase, foreigners can own and purchase freehold land and other types of properties, landed and high-rise projects, industrial and commercial properties, anywhere in the country as long as they are prepared to fork out a minimum of RM2mil. Only Malay reserve land are prohibited.

They can own properties 100% under their names. Therefore, despite the various pricing thresholds in the different states and the need for state consent, these restrictions seem minute compared with the compliances in other countries.

While the current interest among Malaysians and well-heeled Singaporeans are Britain, Australia and the United States, perhaps in the very distant future, the property markets closer home will be more appealing and the buying process more cohesive and integrated among the people who reside in this region.

Knight Frank Asia-Pacific head of research Nicholas Holt comments about Malaysia: 

The key markets are Iskandar Malaysia in Johor, Penang in the north and the Klang Valley. There is price pressure here and land is a state matter with different pricing limits for foreign ownership. However, they are allowed to buy freehold, landed properties and high-rise condominums in these three most popular areas. Foreign buyers in Penang are subject to a minimum threshold of RM1mil for condos and RM2mil for landed properties on the island, and RM1mil for all types of properties in Seberang Prai on the mainland.

In Johor, the minimum price cap is RM1mil but they are allowed to buy most types of properties, while in Selangor it is RM2mil in most of the districts. In the Federal Territory, the minimum threshold is RM1mil.

These restrictions aside, the last couple of years have seen a greater interest in locations such as Kota Kinabalu in Sabah among Asian buyers. Malaysia also has a Malaysia My Second Home programme under the Tourism and Culture Ministry which is open to all countries. The programme has numerous requirements which include a minimum monthly income, minimum liquid assets, a fixed deposit, plus various other rules. It was launched in 2002.

Thean Lee Cheng, The Star

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Andy Ko, DH 고동한
 
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