The Real Estate and Housing Developers’ Association (Rehda) has started talks with various state governments to reduce their pricing threshold for property purchases among foreign buyers in order to fall in line with the federal government’s Budget 2020 proposal.
In the recent budget, Finance Minister Lim Guan Eng proposed that the RM1mil threshold be reduced to RM600,000 to help reduce the country’s huge residential overhang, including serviced apartments and small office home offices, which exceed some RM34bil.
Rehda Selangor chairman Zulkifly Garib said: “Land is a state matter and the final decision is still up to each individual state.
“The federal government can only suggest and the states themselves decide… the various Rehda branches are in discussion with their state governments to discuss what is the best price. It is only for one year anyway, ” he said.
