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PUBLISHED: Mar 14, 2017 7:40am

Should Malaysian properties sold to foreigners be priced in US dollars?

House key on a house shaped keychain resting on wooden floorboards concept for real estate, moving home or renting property

Source: Bernama Source:
Bernama

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JELEBU, 14 March 2017:

The Ministry of Urban Wellbeing, Housing and Local Government will propose to the Cabinet to implement a mechanism which enables sales of houses to foreigners to be done in US dollars.

Minister Tan Sri Noh Omar said the proposal is aimed at protecting the interest of the local house buyers, as well as to control property ownership by foreigners.

As such, he said the proposal would only allow the foreigners to buy properties worth more than RM1 million in this country.

“Right now, foreigners who buy houses costing more than RM1 million do so in ringgit. But because the exchange rate of our currency changes quite frequently, we recommend that the price be quoted in US dollars. We will propose this to the Cabinet for in-depth study.”

On reports the Penang government was lowering the selling price of houses costing RM1 million to RM800,000, Noh said if this were to happen, it conflicts with the policy of the federal government.

“I urge the state government to review the matter because it is against the policy of the federal government, which allows only houses priced at more than RM1 million to be sold to foreigners.

“If the price is less than that, the state government and the developer must obtain permission from the ministry.”

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