The government said the improving economy and signs that buyers are returning to the property sector could see the moratorium on luxury property developments being lifted.
Housing and Local Government Minister Zuraida Kamaruddin said the countryās improving economy suggests that there is a need to remove the freeze.
The moratorium on developments of homes above RM1 million was imposed eight months ago under the previous administration to curb an increasing oversupply of luxury properties.
āI think soon (to lift the moratorium). I will be seeking to lift the ban for some projects.
āBut for now, it will be done on an ad-hoc basis. If I feel there is a need and urgency (to lift the ban), I have no choice but to bring the matter to the Cabinet and explain why it is important and to get their approval,ā the minister toldĀ The Malaysian ReserveĀ in an interview recently.