{"id":40845,"date":"2019-10-17T18:22:43","date_gmt":"2019-10-17T10:22:43","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=40845"},"modified":"2019-10-18T15:38:09","modified_gmt":"2019-10-18T07:38:09","slug":"foreign-property-ownership-threshold","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/foreign-property-ownership-threshold","title":{"rendered":"Here&#8217;s How M\u2019sia Compares To Other Countries On Foreign Property Ownership"},"content":{"rendered":"<p>In the recent <a href=\"https:\/\/www.imoney.my\/articles\/budget-2020-key-highlights-winners-losers\" target=\"_blank\" rel=\"noopener noreferrer\">Budget 2020<\/a> announcement, Finance Minister Lim Guan Eng announced that the government will lower the threshold for foreign property ownership in urban areas.<\/p>\n<p>Here\u2019s what it involves:<\/p>\n<ul>\n<li>Foreign ownership threshold lowered from RM1 million to RM600,000<\/li>\n<li>Applicable to high-rise properties in urban areas<\/li>\n<li>Limited to one-year period in 2020<\/li>\n<li>No citizenship given out to foreign property buyers<\/li>\n<\/ul>\n<p>By lowering the threshold, the government aims to reduce the supply overhang of condominium and apartments.<\/p>\n<p>So, what does this mean for foreign buyers thinking about getting a property in Malaysia? And how will this affect local buyers?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Malaysia-has-some-of-the-most-relaxed-foreign-ownership-requirements-in-ASEAN\"><\/span><strong>Malaysia has some of the most relaxed foreign ownership requirements in ASEAN<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Even before Budget 2020\u2019s changes to the ownership threshold, Malaysia has had pretty relaxed foreign ownership requirements. Here\u2019s how Malaysia compares to other ASEAN nations:<\/p>\n<div class=\"block\"><div><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-40847\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17175450\/malaysia.png\" alt=\"\" width=\"150\" height=\"75\" \/><strong>Malaysia:<\/strong> Foreigners have to meet the minimum purchase price, which varies by state. It would cost a foreign buyer at least RM400,000 to buy a property in Sarawak, and at least RM2 million in Penang Island.<\/div><\/div>\n<p><div class=\"block\"><div><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-40850\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17175652\/indonesia.png\" alt=\"\" width=\"150\" height=\"100\" \/><strong>Indonesia: <\/strong>While land ownership (<em>hak milik<\/em>) is closed to foreigners, foreign buyers can acquire the right to the use of the land (<em>hak pakai<\/em>). But <em>hak pakai<\/em> can make it hard for foreign buyers to get a mortgage from local financial institutions. In addition, buyers have to meet the minimum purchase prices, which varies by region. <\/div><\/div><div class=\"block\"><div><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-40852\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17175840\/PH.png\" alt=\"\" width=\"150\" height=\"75\" \/><strong>Philippines: <\/strong>Generally, land ownership is restricted to Filipino citizens. However, foreigners can buy condominium units, as long as 60% of the building is owned by Filipinos. <\/div><\/div><div class=\"block\"><div><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-40856\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180154\/thailand.png\" alt=\"\" width=\"150\" height=\"100\" \/><strong>Thailand: <\/strong>Generally, foreigners cannot directly purchase land in Thailand. However, they can own condominium units, as long as 51% of the building is owned by Thais. <\/div><\/div><\/p>\n<div class=\"block\"><div><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-40859\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180405\/VN.png\" alt=\"\" width=\"150\" height=\"100\" \/><strong>Vietnam: <\/strong>Foreigners cannot own land in Vietnam (although neither can Vietnamese citizens \u2013 in Vietnam, land is collectively owned by the people, and managed by the state). However, foreigners who are residents can purchase residential properties if they obtain a \u201cland use right\u201d.<\/div><\/div>\n<p><span style=\"font-size: small;\">Sources: <a href=\"https:\/\/www.bdo.global\/getattachment\/Insights\/Global-Industries\/Real-Estate-Construction\/Foreign-Property-Ownership-a-guide\/HB010809_IPCS-Property-Ownership_WEB.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">[1]<\/a> <a href=\"https:\/\/eoasis.rajahtann.com\/eoasis\/lu\/pdf\/RTA_Publication_Regional_Real_Estate_Guide.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">[2]<\/a><\/span><\/p>\n<p>Compared to other ASEAN countries, Malaysia has pretty relaxed foreign ownership laws. Now, with a lower property threshold \u2013 the main barrier of entry \u2013 it\u2019s even easier for interested foreign buyers to invest in Malaysian property.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will-a-lower-threshold-make-Malaysia-more-attractive-for-foreign-property-buyers\"><\/span><strong>Will a lower threshold make Malaysia more attractive for foreign property buyers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The lower threshold could appeal to foreign buyers who want to purchase a property in Malaysia, but haven\u2019t been able to in previous years because of the RM1 million requirement.<\/p>\n<p>We spoke to two thirty-something expats living and working in Kuala Lumpur.<\/p>\n<p>Sahil, a digital marketing specialist, said that when the RM1 million threshold was in place, buying a property in Malaysia wasn\u2019t on his mind at all. But now, with a lower threshold, he can give property purchase some thought, and start making enquiries about the next step that he can make.<\/p>\n<p>Likewise, Achmad, a UI\/UX Designer, said that the previous threshold of RM1 million was too high for him. The lower threshold gives him hope that property purchase could be possible in the near future.<\/p>\n<p>However, while a lower threshold could encourage foreign buyers in the short term, it may not have a significant long-term impact. Here\u2019s why:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Temporary-measure\"><\/span>Temporary measure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Lowering the threshold is only a temporary measure \u2013 limited to the year 2020 \u2013 to reduce the supply overhang.<\/p>\n<p>According to <a href=\"https:\/\/www.edgeprop.my\/content\/1597847\/impact-lowering-foreign-buying-threshold-depends-states\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Tang Chee Meng<\/a>, chief operating officer of Henry Butcher (M) Sdn Bhd, the government will probably review the threshold again after the overhang situation has improved.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Depends-on-state-implementation\"><\/span>Depends on state implementation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While the federal government has proposed to lower the threshold, its actual implementation depends on each particular state government. Economic Affairs Minister Datuk Seri Mohamed Azmin Ali <a href=\"https:\/\/www.edgeprop.my\/content\/1599264\/state-govt-has-final-say-lower-property-threshold-foreigner-azmin-ali\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">said recently<\/a> that the threshold is \u201cup to the state government to decide\u201d.<\/p>\n<p>Some states may choose not to follow the national standard at all. For instance, states like Penang and Selangor have thresholds up to RM2 million \u2013 we don\u2019t know if they will adopt the federal government\u2019s proposal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sluggish-growth-in-Malaysias-housing-market\"><\/span>Sluggish growth in Malaysia\u2019s housing market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Foreign buyers who are primarily looking to invest may be put off by Malaysia\u2019s slowing pace of growth. In the past few years, Malaysia\u2019s House Prince Index has lagged far behind the kind of growth we\u2019ve seen in the years 1990 to 2017. Some states (including Kuala Lumpur, Sabah and Sarawak) even saw negative growth in the first quarter of 2019.<\/p>\n<p>Rental yields have fallen as well. The <a href=\"https:\/\/www.thestar.com.my\/business\/business-news\/2018\/04\/14\/how-good-is-property-as-an-asset-class-today\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">general rental yield<\/a> for high-rise residential properties stands at 3.5% as of 2018, down from 7% to 9% ten years ago.<\/p>\n<div id=\"attachment_40863\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-40863\" class=\"wp-image-40863 size-large\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180857\/housingmar_mhpi_01-800x343.png\" alt=\"\" width=\"800\" height=\"343\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180857\/housingmar_mhpi_01-800x343.png 800w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180857\/housingmar_mhpi_01-300x129.png 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180857\/housingmar_mhpi_01-768x329.png 768w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/17180857\/housingmar_mhpi_01.png 1540w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-40863\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.housingwatch.my\/02_market_01_mhpi.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Housing Watch<\/a><\/p><\/div>\n<p>Herman, an Indonesian commercial manager working in Kuala Lumpur, shared with us that his family bought a high-rise property in Kuchai Lama, back in 2012. However, the property\u2019s value has hardly gone up since then. In contrast, his family\u2019s other properties in Jakarta have shown higher valuation growth in the past few years.<\/p>\n<p>Even with the lower entry price kicking in next year, Herman said that his family would rather invest in property elsewhere, due to Malaysia\u2019s sluggish housing market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will-a-lower-foreign-threshold-affect-local-property-buyers\"><\/span><strong>Will a lower foreign threshold affect local property buyers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following the Budget 2020 announcement, some Malaysians voiced concerns that increased foreign property purchases will create competition for local buyers, and worsen the lack of affordable housing situation for local Malaysians.<\/p>\n<p>In response, the government has clarified that the lower threshold will only be applicable to <a href=\"https:\/\/themalaysianreserve.com\/2019\/10\/14\/price-reduction-for-foreign-buyers-only-applicable-to-unsold-units\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">existing unsold units<\/a>, and not to new projects that are yet to be launched. In other words, foreigners will only be able to buy properties that local Malaysians aren\u2019t buying anyway. Most Malaysians do not purchase properties valued at RM600,000 above \u2013 over <a href=\"http:\/\/www.bnm.gov.my\/files\/publication\/fsreview\/en\/2018\/en_fs_01.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">70% of home loans approved<\/a> are for first-time buyers of properties priced below RM500,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Temporary-fix\"><\/span><strong>Temporary fix<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>So, <em>is<\/em> Malaysia now more attractive for foreign buyers? In the short term, maybe. But the lower threshold seems to be a temporary measure that could be reversed in the near future. In addition, those buying to invest may want to look elsewhere, due to Malaysia\u2019s slowing residential growth rate and declining rental yields.<\/p>\n<div class=\"block\"><div>Need to consolidate your loans into one account? Find out how <a href=\"https:\/\/www.imoney.my\/home-loan\/alliance-bank-one-account?src=foreign-property-ownership-threshold\" target=\"_blank\" rel=\"noopener noreferrer\">Alliance ONE Account<\/a> can help you enjoy greater savings and lower monthly repayments.<\/div><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Read-More-What-Do-Malaysians-Think-Of-MalaysiaKerja\"><\/span><span style=\"color: blue;\"><em><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/budget-2020-malaysiakerja-malaysiawork\" target=\"_blank\" rel=\"noopener noreferrer\">What Do Malaysians Think Of #MalaysiaKerja?<\/a><\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Read-More-Budget-2020-Did-Everybody-Get-Something\"><\/span><span style=\"color: blue;\"><em><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/budget-2020-winners-losers\" target=\"_blank\" rel=\"noopener noreferrer\">Budget 2020: Did Everybody Get Something?<\/a><\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Read-More-Budget-2020-Whats-In-It-For-You\"><\/span><span style=\"color: blue;\"><em><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/budget-2020-key-highlights-winners-losers\" target=\"_blank\" rel=\"noopener noreferrer\">Budget 2020: What\u2019s In It For You?<\/a><\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Read-More-Take-Our-Quiz-And-Find-Out-How-Budget-2020-Affects-You\"><\/span><span style=\"color: blue;\"><em><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/budget-2020-quiz\" target=\"_blank\" rel=\"noopener noreferrer\">Take Our Quiz And Find Out How Budget 2020 Affects You<\/a><\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Find out if lowering the minimum purchase price to RM600,000 will affect local buyers.<\/p>\n","protected":false},"author":1,"featured_media":40869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[472,1,21],"tags":[219],"class_list":["post-40845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2020","category-investment","category-properties","tag-bi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Do The New Guidelines For Foreign Property Ownership In Malaysia Mean?<\/title>\n<meta name=\"description\" content=\"Malaysia Budget 2020 announced that the threshold for foreign property ownership will be lowered from RM1 million to RM600,000. 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