Many foreign property buyers find Malaysia an attractive destination to invest in due to its relatively affordable property prices.
As such, this group of buyers welcomed the government’s decision to slash the price threshold for them to acquire a property here.
“It is excellent that the Malaysian government is lowering the price limit from RM1 million to RM600,000,” said Hong Konger Ginny So.
“At RM1 million, Hong Kongers can still buy. For us, Penang properties are 80 percent to 90 percent cheaper than ours. At RM600,000, it means we can buy two instead of one, and more Hong Kongers will be able to afford it.”
So bought her first condo in Penang during the third day of her first holiday trip at the Malaysian state, reported The Star.
“How could I resist? A condo of the same size would have cost RM4 million in Hong Kong. My first one in Penang was just RM400,000.”
She acquired her first property before the government had set a minimum price limit of RM1 million for foreign property buyers in 2012.
But even with the price limit, So still managed to own four properties in Penang, with the most recent additions being a condominium unit at the ultra-posh City of Dreams and another one in Kuala Lumpur near Pavilion.
In light of the protests in Hong Kong, So shared that more of her city folks are looking to acquire properties in Kuala Lumpur and Penang in the last three months compared to the past three years combined.
She explained that there are three types of buyers from Hong Kong – those in search for a retirement home, parents who want to send their children to study here and property investors.
“We want to live in an urban setting, so we typically choose Penang and Kuala Lumpur,” added So.
Over in Johor, a 46-years old housewife from China, said the lower threshold provided her more choices.
“My husband and I bought our first property in Johor earlier last year but we do not have many options to choose from as we need to ensure that the price of the property is over RM1 million,” said Ng.
“With this move, I believe more foreigners will buy properties here as it is more affordable and there will also be more selection of homes we can choose from,” she added.