Malaysian property market needs to do more to secure foreign investment

The domestic property market in Malaysia will do well in 2010, but more needs to be done to attract overseas investors to the country, it has been claimed.

Malaysian national news agency Bernama has reported that the MIDF Amanah Investment Bank has suggested the residential property market will thrive, driven by increasing demand in the medium-high sector.

However, the bank believes that greater efforts are required in order to secure foreign investment in the country, as currently, foreign buyers in Malaysia are able to benefit from tax incentives and MSC status benefits.

"Our survey with key developers shows purchasing interest remained high, with take-up rates of new projects at an average of 70 per cent just from private previews or the first few days of the launch," Bernama quoted MIDF as saying.

Meanwhile, a report released by research company RNCOS stated that Malaysia's tourism sector is set to grow by nine per cent between 2009 and 2012.