Hi everyone,
Been away from the site for a while and been observing the market silently.
Always been skeptical about overseas deals but I have noticed that in Malaysia foreigners can buy freehold, which is usually uncommon for the asian market. Has anyone had any experience with properties there and has some advice?
I'd really appreciate it.
Thanks
AndyI think the problem with buying overseas is getting finance. How hard is it to get finance if you are a non-resident?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Malaysia has recently changed the law so that capital gains tax is no longer applicable. i.e. same as Singapore.
However I still prefer Singapore as there is much better building quality. Malaysia does carry stories of poor building quality and builders going bust leaving half finished developments plus there is the corruption which doesn't exist in Singapore.
As well, Malaysia has lots of land and can expand whilt Singapore land size is small and nowhere far to expand. Prices are still half of Hong Kong and there are 2 casinos being built n Singapore. The govt is wanting to boost the population from current 4 mil to 6.5 mil.
It is more expensive to buy in Singapore generally speaking.
I bought in Singapore last year. Hope that comparison sheds some light.
Foreigner loan in Malaysia is not that very hard. Just need to spend some time.
Normaly banks here offer 50-60% to pure foreigners and if you want to do full investment here, you can enter our MM2H prgramme which create an easy route for foreigner to get home loan easier with better margin.
There are a lot of Singaporeans, Koreans, British and Australians purchase properties here.
Thanks for your advices. I will be there in few months and I will keep you posted
From my limited observations property prices have not seen the escalations similar to Aust. Appartments and condo living is very common in KL and Penang and prices have risen marginally. I think props with land have the greatest potential to rise.
However, t he Malaysian gov introduced the Malaysia my second home scheme to encourage foreigners to buy property, live there and spend their cash.There are some concessions too. Do a google search "malaysia my second home". If you like the tropical climate, diverse cultures, friendly people, and very cheap living then its worth considering for retirees/ semi-retirees. For these reasons I am considering buying a property in Penang or Butterworth and spending some time there.
I think it is worth a while especially with what's happening here in Australia. My understanding though is that you can't own a property for less than 85-90K AU, is that right?
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