Foreigners Buying Local Property
This report basically confirms what everyone has been talking about in the past few years - in coffeeshops to boardrooms to showrooms - that foreigners are still looking to buy property in Malaysia.
In an article in the Edge:
A growing internationalisation of the property market is being felt in the country, with interest coming particularly from potential and repeat purchasers in Asia, Australia and Europe, said property consultants.
Regroup Associates Sdn Bhd executive chairman Christopher Boyd said this could be reflected from the recent interest in places such as Langkawi, where beachfront properties may hit the US$2 million (RM6.9 million) mark by year-end. He said purchasers from Hong Kong and Singapore made up the largest number of foreigners taking up residential properties here. Boyd added that keen interest was also seen for the commercial segment.
The article also mentions that Koreans were eclipsing the Arabs as purchasers of residential properties with the Korean business community seeing opportunities here to purchase en bloc for resale in Seoul. This of course brings to mind about the recent purchase of an entire residential block by the Koreans.
Some local projects are still marketing exclusively overseas first before opening up sales to Malaysians. Let’s hope the regional market holds up in the next few critical years.
Isn’t it sad that residential property prices are so high now that it caters to foreigners rather than locals. Locals are struggling with 20-30 year bank loans just to buy a small apartment or terrace house. Residential prices should be affortable for the locals, afterall housing is a basic neccessity. Government should ban foreigners from purchasing residential property, limiting them to only commercial/industrial property.
Comment by saiful — June 21, 2007 @ 8:39 am
Locals should have a 20-25% discount on properties, why are locals paying the same price as foreigners ?
Comment by Local — June 21, 2007 @ 2:40 pm
Agree foreigners should pay more for property than locals. Houses now so very expensive for locals. Most people struggle throughout life just to service their housing loan! This is silly!
Comment by nordin — June 22, 2007 @ 8:48 am
BN govt not looking after local’s interest. Time to change govt. Vote opposition in next general elections. I know I will.
Comment by Sam — June 22, 2007 @ 1:34 pm
if foreigners are banned from buying, the prices will free fall…..do you guys want to buy an apartment for RM100,000 then find that it is worth RM50,000 in 1 year’s time
Comment by fools — June 26, 2007 @ 8:57 pm
if foreigners are banned from buying, the prices will free fall…..do you guys want to buy an apartment for RM100,000 then find that it is worth RM50,000 in 1 year’s time
Comment by fools — June 26, 2007 @ 8:57 pm
foreginers are the ones who’s make your house price appreciate…..do you want it to appreciate or depreciate…..it is up to you
Comment by fools — June 26, 2007 @ 9:01 pm
fools, why you so selfish and greedy one? pity lah those young graduates earning peanut salary and have to struggle to own a small apartment.
Comment by anonymous — June 30, 2007 @ 11:17 pm
I believe fools is missing the point here. The point is locals shouldn’t have to suffer their entire lifetime (like a life sentence) just to pay off a loan they taken to buy a small house. That is ridiculous! Housing (like food and clothes) is a basic necessity of life and should be affortable! Not only affortable to foreigners! That’s the bottom line!
Comment by nordin — July 1, 2007 @ 10:43 am
Locals should be given discounts on housing because they earn in Ringits which is much weaker compared to other currencies like Euro, UK pound and US dollar. The builders make more profitby selling to foreigners so they will not be sellling at a loss if they alot a percentage of the houses for locals at a discounted price. The goverment should work on it-after all locals will suffer form the influx of foriegners in some ways or other so it is justice that they should benefit in some ways too.
Comment by daniyal — August 16, 2007 @ 4:08 am
Locals should be given discounts on housing because they earn in Ringits which is much weaker compared to other currencies like Euro, UK pound and US dollar. The builders make more profitby selling to foreigners so they will not be sellling at a loss if they alot a percentage of the houses for locals at a discounted price. The goverment should work on it-after all locals will suffer form the influx of foriegners in some ways or other so it is justice that they should benefit in some ways too.
Comment by daniyal — August 16, 2007 @ 4:09 am
I thought foreigner have to pay an additional $10,000.00 more to buy property?
Comment by goodman — November 26, 2007 @ 5:19 pm