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Foreigners to pay more to buy Malaysian property from March-report
February 28, 2014 / 12:10 PM / 4 years ago

Foreigners to pay more to buy Malaysian property from March-report

KUALA LUMPUR, Feb 28 (Reuters) - Malaysia’s government on Friday announced that the higher threshold price for foreigners to own property will go into effect from March 1 in federal administered territories.

But states can assign their own dates for enforcement, state news agency Bernama reported, citing a statement from the Prime Minister’s department.

To rein in rising housing prices and curb speculation in the market, the government announced on Oct. 25 last year it will double the minimum price for foreign ownership to 1 million ringgit ($304,800) a unit. ($1 = 3.2805 Malaysian ringgit)

Reporting By Yantoultra Ngui; Editing by Ron Popeski

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