Johor to restrict foreign property buyers

PropertyGuru

11 January 2013 at 3:41 am

By Farah Wahida: In an effort to tackle rising housing costs in Johor, the state government will soon review the conditions and procedures for foreigners to own properties within the state, particularly in Iskandar Malaysia.

The State Economic Planning Unit (UPEN) is looking for ways to tighten rules on foreign ownership, said Housing, Arts, Culture & Heritage Committee Chairman Datuk Ahmad Zahri Jamil in a Bernama report.

He noted that housing prices in the state are rising beyond the means of local residents.

"The price of property is determined by the market force. However, the prices also reflect on demand and supply or just because of extreme speculation. So, we have to conduct a detailed study." Farah Wahida Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my Related Stories: Bright year ahead for China property

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