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Malaysia welcomes foreign investment in local properties

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The weaker Malaysian ringgit presents investment benefits for the Malaysian property industry in the long run, on top of allowing foreigners to purchase Malaysian properties at a lower value.

Chief Executive Datuk Seri Judin Abdul Karim of the Construction Industry Development Board (CIDB) explained that when foreigners invest in Malaysian properties, they are making a continuous commitment to the property industry, and that includes paying taxes.

The Datuk further explained that as foreigners have to convert their money into ringgit when they want to purchase properties, there is no harm in property investment since the properties remain there.

The Datuk also highlighted the need for the government to ensure sufficient affordable homes for the people nationwide even as foreigners are encouraged to invest in Malaysian property. A consistent policy is of paramount importance as a flip-flop in the market discourages investors.

Taken from iProperty

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Guest Wednesday, 21 August 2019