The Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) urged the government to strengthen the promotion of the MM2H (Malaysia My Second Home) programme to encourage more foreigners to invest in the local property sector and eventually help ease the property glut.
“With RM20 billion worth of residential overhang, we should be more open to foreign buyers with higher spending power to enter the market,” MIPEAC said.
Michael Geh, Malaysian chapter president of International Real Estate Federation (FIABCI), reportedly said that Malaysia should encourage more foreigners to purchase local real estate to resolve the country’s issue of unsold units, reported The Sun Daily.
“In general, efforts to drive in foreign investments in other segments like commercial and industrial properties should be taken more seriously as well. MIPEAC believes that more can be done to encourage foreign buyers and investors to enter Malaysia’s property market,” it said.
“High-end developments can be marketed more intensively globally, together with the ongoing efforts done in the tourism sector.”
Despite the implementation of stricter background checks, MIPEAC praised the Tourism, Arts and Culture Ministry’s move of putting up a special task force that will hasten the approval process of the backlogged applications.
Additionally, it noted that the ICT sector’s growth in Malaysia will attract more professional workers, which in turn will encourage expatriates to buy more property.