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Johor to restrict foreign property buyers
2013-01-15 10:34:02

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.”

The report added that foreigners may only be allowed to purchase property above RM1 million (S$405,723).

New regulations are likely to have a big impact on buyers and investors in Singapore. Singaporeans account for 90 percent of foreign buyers, followed by Britain, the United States and China, said Ahmad Zahri.

In an article published last year, the Johor-Singapore Community Care Association (JSCA) said about 5,000 Singaporeans own homes in Johor.

It mentioned that Singaporean families choose to live in estates like Horizon Hills, Ledang Heights and East Ledang, all located within Nusajaya. Prices range from RM500,000 (S$202,861) for a terrace house to RM1 million for a semi-detached home.