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Malaysia is working to position itself as an attractive global player and a preferred property investment destination, in a joint effort by the Government and industry players.
“Our deliver
y system needs to be improved,” said Minister in the Prime Minister’s Department Datuk Sri Effendi Norwawi during the 2007 National Property and Housing Summit on Sept 17, 2007. “Our developers need to be more responsible and conscious in delivering high quality real estate that is better, if not equivalent, to international standards.”
Following the 1997 downturn, several restrictions pertaining to foreign ownership of property were imposed to curb speculative buying activity. Many of these have since been lifted in an effort to revitalize the property sector.
Measures to date include the liberalisation of foreign exchange controls, the lifting of restrictions on the number of properties foreigners can buy, and a longer duration of stay for foreigners through Malaysia, My Second Home programme.
“We want to remove whatever remnants are left of the negative perception from the 1997 downturn,” said Effendi. Plans are in the pipeline for a marketing initiative via exhibitions and seminars, establishment of benchmarks and the setting up of one-stop centres for more efficient property transactions. |
