Johor may review procedures for foreigners to buy houses

[silver023]

From CNA:

JOHOR BAHARU, Malaysia: Johor state will review procedures and conditions for foreigners to own houses due to spiralling house prices in the state, especially in Iskandar Malaysia.

Bernama news agency quoted Local Government, Housing, Arts, Culture and Heritage Committee chairman Ahmad Zahri Jamil as saying that the state Economic Planning Unit (UPEN) was studying ways to tighten the rules on foreign ownership.

He said this is to control spiralling house prices since locals are finding it difficult to buy houses.

"The price of property is determined by the market force. However, the prices also reflect on demand and supply or just because of extreme speculation. So, we have to conduct a detailed study," he told reporters at Kota Iskandar, Nusajaya, on Thursday.

Foreigners are currently allowed to purchase houses priced at a minimum of RM500,000, according to specific quota.

For example, for double-storey houses, only 30 per cent of the units are allocated for foreigners and the move was to attract foreign investment.

Foreigners may only be allowed to purchase houses above RM1 million.

Mr Ahmad Zahri said Singaporeans accounted for 90 per cent of foreigners who bought houses in Johor state, followed by Britain, United States and China.

- Bernama/de

[minority]

aiyah review to see how can makan more $

[star]

All cheated by Iskandar hype. Now alot of people will get trap because Foreigners may only be allowed to purchase houses above RM1 million. Those property under RM$1m get trap. Few months later they may increase again to RM$2m and more get trap.

[Rysk]

All cheated by Iskandar hype. Now alot of people will get trap because Foreigners may only be allowed to purchase houses above RM1 million. Those property under RM$1m get trap. Few months later they may increase again to RM$2m and more get trap.

Aiyo.. many foreigners are planning to purchase landed pty which is already costed over RM1 million now.. so what's the big deal about allowing above RM1 million..

To them.. is just over SGD400k nia.. cheap cheap

[DC33_2008]

CMs in singaorie will only spur more people to buy properties overseas and malaysia is one of them even starting at RM 1 million onwards. The rule wikk even help to propel the price upwards. RM2 mil will not start with iskandar but kl and then penang first.

[focus]

Since they raised the limit to $500k Ringgit, the developer also raise their price to 500k.

So if they raise it to $1mil, the developer will raise their price fo existing $500k to $1MIL? No?

The best Malaysia CM will be Foreigners can only sell to LOCALS..
Lol. .that one is up the lorry..

[DC33_2008]

That is in australa. They are not so silly to cut off their income,

Since they raised the limit to $500k Ringgit, the developer also raise their price to 500k.

So if they raise it to $1mil, the developer will raise their price fo existing $500k to $1MIL? No?

The best Malaysia CM will be Foreigners can only sell to LOCALS..
Lol. .that one is up the lorry..

[lajia]

even if they dont have such cm, i would tend to believe the property there are really foreigner to foreigner. you think local in JB is buying??

That is in australa. They are not so silly to cut off their income,