Property investors from China have replaced those from Singapore as the largest group of foreign property buyers in Malaysia, fresh figures show.
There has been a lot of pent-up demand from buyers, with groups from mainland China having invested more than $2.1bn (£1.68bn) in the Malaysian property market over the past three years, compared with $985m (£785m) invested by Singaporean companies between 2014 and 2016, according to the data from Real Capital Analytics, which is based on completed transactions of $10m (£8bn) and above.
The Malaysian government’s decision to abandon rent controls in the residential sector and ease foreign ownerships laws 10 years ago, has made the residential and commercial property market far more attractive to international buyers, which partly explains why the country has emerged as a favoured destination for Chinese investors seeking a cheaper alternative to Australia and Hong Kong.
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