Saturday, 16 June 2012

Penang Property Purchase Limits

While there is still no absolute certainty I am assured by several people I know in the property and legal profession that the minimum limit at which a foreigner can purchase property in Penang is set to rise to RM 1m for a condo and RM 2m for landed property from 1 July 2012.  This is mostly to curb the speculation market and to try and control prices to make housing more affordable by locals.  At present it seems there is no exemption for holders of MM2H visas.

This will have obvious implications for foreigners looking to buy a property after 1 July but, beyond the obvious, may also implications for owners of properties in locations which have high expat residency levels with little interest from local buyers, possibly because of location and such like, should they decide to sell.

Once confirmed, or otherwise, I will post further.

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