Foreigners 'may see minimum Malaysia property price rise'
By Steve Binge

Foreigners 'may see minimum Malaysia property price rise'

The Malaysian government is considering proposals to increase the minimum floor price charged for houses bought by foreigners.

Currently, overseas buyers have to spend at least RM500,000 (£102,814) but this could potentially climb to RM1 million, according to a government source.

The move is just one measure being contemplated by officials to help control the rising cost of buying real estate in Malaysia.

In its most recent Global House Price Index, Knight Frank revealed the value of properties in Malaysia increased by 6.6 per cent between the final quarter of 2011 and the same period a year earlier.

Meanwhile, deputy finance minister Donald Lim recently asserted price hikes of between ten and 15 per cent are "healthy".

Another anonymous source also told the press the government would reserve the right to review the base price for foreign buyers and potentially reduce it in certain regions. Any future alterations would largely be influenced by national inflation levels, the informant added.

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