Foreigners do not own more than one percent of property in Malaysia, revealed Housing and Local Government Minister Zuraida Kamaruddin.

Zuraida said that in March 2014, the government had imposed a RM1 million minimum property purchase price for foreigners.

She noted that the state government has the right and power to add to the RM1 million property price purchase minimum, which led to non-homogeneity in the policy.

“Currently, from Perlis to Johor, the minimum price differs. Therefore, my ministry will review the quota for foreign ownership of property so that a detailed guideline can be implemented by the state governments,” she said at the Dewan Rakyat today.

She was answering a supplementary question from Dr Hasan Bahrom (PH-Amanah-Tampin) on the latest figure on Malaysian property ownership by foreigners.

In reply to a supplementary question from Che Alias Hamid (Pas-Kemaman) on the rationale behind the Malaysia My Second Home (MM2H) programme which purportedly affect Malaysians’ ability to buy property, Zuraida said that the programme set down several conditions by the Home Ministry.

“It is limited to foreigners aged 50 and above, and has tight guidelines which the applicants must comply with.

“Among criterias which we allow foreigners to apply for MM2H is that they are receiving medical treatment in Malaysia or they have children studying here.

“The period given to them to stay here is only 10 years and is subject to review from time to time, and the foreigners need to put down a RM3 million monetary deposit,” she said.

Source: NST Online