THE Malaysian government’s move to clear the overhang in luxurious high-rise homes by wooing foreigners would only be successful if the country is an attractive location. Institute for Democracy and Economic Affairs senior fellow Dr Carmelo Ferlito believes Malaysia is an interesting place for foreigners.
“The lower threshold of RM600,000 for foreign ownerships will be more of interest for foreign residents/workers rather than investors, as it becomes easier to complete the settling down process with the possibility to buy cheaper properties.
“For foreign investors, I believe they will remain on the high-value properties,” he told The Malaysian Reserve (TMR).
He added that there is a need to distinguish between foreign investors and foreign residents/workers, and proposed to maintain the threshold for investors, while completely liberalising the market for foreign workers/residents who have been working in Malaysia for a certain number of years.
