ICT SECTOR CAN BOOST INTEREST

Loh said MIPEAC believes growth in the information and communication technology (ICT) sector in Malaysia can help attract more professional foreign workforce, which would in turn lead to increased property purchases by expatriates.

Initiatives taken by some developers that include tour groups with visits to sales gallery as part of the package also deserve credit, as these will not only help clear property stocks but also put Malaysia in the limelight as an ideal investment location with direct help from experienced sales agents.

“These foreign buyers, especially under MM2H, are mostly genuine buyers who are keen to reside, work and let their children study in Malaysia. We should not think of this as an invitation to allow more thick-pocketed speculators into the market, but as one of the good solutions to improve our economy,” said Loh.

It has been reported that Chinese nationals make up most of foreign property buyers in Malaysia, and a lot of them make purchases in cash.

“To date, foreigners own less than three per cent of Malaysian real estate, which indicates that it is still safe to promote our unsold homes to them and that they are not the main factor for the skyrocketing prices we’ve seen in the past few years,” he added.