Buy Condo Malaysia

Planning to buy a condo in Malaysia? In 2020, Malaysian government unrolled a budget that reduced the minimum ceiling that foreigners had to pay to own a property in Malaysia from the previous minimum value of US$229,384 to US$137,630. This unlocked high-rise, stratified units in George Town Penang, Kuala Lumpur, Johor Bahru, and Selangor. Foreigners are allowed to purchase up to two residential properties. They can either possess two condominiums, with a maximum of 50% foreign ownership within one block, or one condominium and a terrace, linked house, landed bungalow, or semi-detached house. However, purchasing a terrace, linked house, landed bungalow, or semi-detached house as a second property is subject to availability, as only 10% of built units may be occupied by foreigners. This is part of the “Malaysia My Second Home” (MM2H) initiative, which has been well received. From 2002 to 2019, over 50,000 applications from 131 have been approved. Chinese nationals lead the market, with a substantial number of applicants from Japan, Bangladesh, UK and South Korea who buy condos in Malaysia. Successful applicants are allowed to bring in their spouse, unmarried child (under the age of 21), and parents over 60 years old, making Malaysia one of the most foreigner friendly countries. Read more about MM2H to find out more about how to buy a condo in Malaysia for foreigners and get up-to-date property news here at Ohmyhome.

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