Malaysian government 'wants house price rises to be fair'
By Steve Binge

Malaysian government 'wants house price rises to be fair'

The Malaysian government is seeking to ensure any property price rises in the country are as fair as they can be.

This is according to Datuk Chor Chee Heung, housing and local government minister for the nation, who told the Sun Daily that the authorities have taken several steps to prevent values from escalating at a quicker than normal rate.

These include launching housing projects for those on low and middle incomes, as well as increasing property gains taxes on Malaysian real estate offloaded within two years of its purchase to ten per cent.

Such measures may have contributed to a slowdown in property price growth in the first three months of the year, with Valuation and Property Services Department figures cited by Global Property Guide indicating that the rate of increase was lower than in the same period in 2011.

In any case, the government has no plans to set into motion a law that will control house prices in the country, Mr Chor said.

"Although there is no specific act to control the price of houses, the government has implemented various control mechanisms to ensure that the rise in prices of houses is reasonable and has little impact on the people," he explained.
 
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