Page 400 - Westport Guide To Malaysia

392 USEFUL INFORMATION
Property -
An Investor- Friendly Market
Malaysia has a vibrant property market, which is primarily driven by domestic demand.
The country is 71% urbanised, according to the 2010 census, and more than 60%
of Malaysians own their own homes, while most of the remaining 40% aspire to be homeowners. Investing in Malaysian real estate is straight- forward and hassle- free as long as the prospective buyer does a little homework first. Ownership of property is clear
and indisputable: Malaysia's National Land Code is based on the Australian Torrens System and stipulates the ownership rights of property buyers and the sanctity
of property titles,
while contracts are written
in English. Furthermore,
the Housing Development (Control and Licensing)
Act 1966 not only regulates the business of housing developers but also protects the interests of house buyers. Nevertheless, any prospective buyer should appoint a qualified Malaysian solicitor to do the necessary title searches and conveyancing.
In Malaysia, no limitation
is placed on foreign buyers purchasing most freehold and leasehold properties regardless of whether they are landed
or stratified. This includes industrial, retail and residential properties and commercial properties up to RM20 million. However, foreigners may not buy agricultural land, Malay Reserve land (in Peninsular Malaysia), Native Title land
(in Sabah), Native Title land
or Native Customary Rights (NCR) land (in Sarawak), or any other land gazetted exclusively for bumiputeras (Malays and other indigenous groups).
Most State Governments have set a minimum purchase price threshold for foreigners at
Located in the cool Genting Highlands, 1,000m above sea level, Tropicana Grandhill is the winner of the Best Condo Development (Malaysia) by the Property Guru Asia Property Awards (Malaysia) 2021.
RM500,000 and above, which varies according to individual state rules and guidelines (RM600,000 in Kuala Lumpur, and RM2 million in parts of Selangor). This is an effort to keep house prices affordable for local people. However,
in Sarawak, some stratified properties, usually walk-up apartments, have been granted an exemption and are available for as little as RM200,000.
The Penang Government has raised the minimum price
Surrounded by pristine rainforest, the low-impact Setia Eco Templer Park offers English, Peranakan and Balinese inspired homes and has won many sustainability awards.
A lily pond in Monet Garden, an impressionist-inspired enclave in Sunsuria City, a 525-acre residential and educational complex built around the Xiamen University Malaysia Campus in Sepang, Selangor.