News
Govt Assures Property Ownership By Foreigners Not Affecting Locals
24-Apr-2017

Lee

KUALA LUMPUR, ´┐ŻApril 19 ´┐Ż(Bernama) -- The percentage of property ownership by foreigners in the country has declined since the government set a minimum RM1 million as´┐Żproperty prices for foreigners in 2014, the´┐ŻDewan Negara´┐Żwas told today.

Deputy Finance Minister Senator´┐ŻDatuk´┐ŻLee´┐ŻChee´┐ŻLeong´┐Żsaid statistics showed the percentage of transfer to foreigners for various property sectors was also less than two per cent, indicating that opportunities for locals to own houses were still not affected.

´┐ŻBased on the record, the number of unsold residential properties exceeding RM1 million has increased from 413 units in 2014´┐Żto ´┐Ż2,116 units in 2016.

´┐ŻThe purchase of property by foreigners actually has a positive impact on the country because it can reduce the number of unsold properties, especially in excess of RM1 million,´┐Ż he said when replying to Senator´┐ŻChia´┐ŻSong´┐ŻCheng´┐Żat the Dewan´┐ŻNegara´┐Żsitting today.

Chia´┐Żwanted to know the number of properties owned by foreigners based on the country of origin up to date,´┐Żtheir price range and whether this foreign investment would affect the opportunities of locals in terms´┐Żof home ownership or jobs.

In´┐Ż2014, a total of 247,251´┐Żunits were sold in the market with 2,406´┐Żunits purchased by foreigners covering one per cent.

In 2015, the number of home ownership by foreigners declined to 1,156´┐Żunits from a total of 235,967´┐Żunits at 0.5´┐Żper cent while for 2016, the percentage also dropped to´┐Ż0.3´┐Żper cent at 706 units from 203,064 units.

However the percentage declined drastically since the introduction of the minimum property prices by the National Land Council in 2014.

Lee´┐Żsaid the purchase of property by foreigners in the industrial and commercial sector was still needed as it could encouraged foreign investors in the country which provided job opportunities to locals.

--´┐ŻBERNAMA ´┐Ż