Foreigners intending to acquire properties in Malaysia will have to spend a minimum amount of RM1 million, up from RM500,000 previously.
The new move is expected to come under the Guideline on Real Estate Acquisition, Economic Planning Unit, Prime Minister’s Department, reported the media.
Notably, the 70th National Land Council, which was chaired by the Deputy Prime Minister Tan Sri Muhyiddin Yassin in parliament, agreed that the guideline be enforced from 1 March 2014.
The hike in minimum price for real estate that can be acquired by foreigners is in line with Prime Minister Datuk Seri Najib Abdul Razak’s announcement during the tabling of the 2014 Budget.
Notably, the guideline was one of the papers touching on important policies on land and forestry discussed.
The meeting agreed that via the proposal paper on review of quit rent in Peninsular Malaysia next year, the state authorities review the quit rate rent prior to the expiry of the 10-year period from the nearest date of the previous rental review date in line with the National Land Code 1965.
Also discussed was the proposal paper on the impact of quarrying and mining activities on permanent forestry management in Peninsular Malaysia.
The council agreed that state governments will take the initiative to control or as far as possible avoid the approval on quarrying and mining activities in permanent forest reserve (PFR) areas.
The council also agreed that coastal wetland areas in the existing PFR areas be retained and PFR areas be increased by gazetting coastal wetland areas on government land.
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
