Johor to study foreign home ownership quota

Farah WahidaMay 28, 2015

To allow more locals to own homes, the state government may review foreigners’ home ownership quota in the state, said State Housing and Local Government Committee chairman Datuk Abdul Latif Bandi.

Abdul Latif said the review would be done based on feedback from the people in July.

“We could study foreigners’ percentage ownership, which currently stands at 20 per cent, and whether to retain or reduce the proportion,” he told reporters at KSL Hotel and Resort recently.

Dismissing claims that sales of houses are targeted solely at foreigners, he said with the creation of an international zone could control the number of homes owned by foreigners.

“A discussion on the international zone will be held between developers and consultants, to give them a chance to either object to or suggest ways to improve the zone,” he said.

Abdul Latif added that an Affordable Homes Open Day will be held at the same hotel from June 5 aimed at showing the public where affordable houses will be built and what progress has been made.

The three-day event features 35 developers offering 46,000 affordable homes as well as six local banks providing information on bank loan facilities, he added.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

 

Gary Shaw
Jun 05, 2015
These Ministers are so out of touch with the average Malaysian it is ridiculous, competition from foreign buyers has little impact on locals buying housing. Lets say you average Malaysian wants a link house in a reasonable area he can look at RM 500k, so can expect to find RM 100k deposit and RM 2,000.00 / month in mortgage. If borrowing responsibly with your mortgage representing 25% of you take home pay it means average Malaysian needs to be earning RM 8,000.00 per month, while average is more likely to be RM 5,000 GROSS. A better solution would be to put a lower limit value on foreign house purchases of say RM 350,000 this will stop foreigners competing for the houses the average Malaysian can afford. The next problem in with GST and overall increases in building cost and land Developers simple struggle to make money on properties under RM 300k unless the construction is woefully sub-par, since > 300k is out of Average Malaysians price range, developers are targeting Singaporeans.
POST COMMENT

You may also like these articles

Sungai Danga to be transformed into 'Venice of the East'

Sungai Danga, one of the most polluted rivers in Johor will be cleaned-up and revitalised in a RM2.5 billion project to transform it into ‘Venice of the East’. River City@Danga will be develope

Continue ReadingMay 18, 2015

EDRE to raise real estate industry's standard of service

Hartamas Real Estate has partnered with UCSI University to offer the Executive Diploma in Real Estate (EDRE), a professional academic qualification aimed at raising the standard of service in the indu

Continue ReadingMay 20, 2015

ABM supports initiatives to assist low and mid-income to own homes

The Association of Banks in Malaysia (ABM) is fully supportive of the government's various initiatives to assist low and middle-income groups to purchase their own homes. According to Executive Dir

Continue ReadingMay 26, 2015

Feedback