6 websites that property investors need to know in Malaysia
Izrin & Tan Properties Sdn Bhd compiles a list of Malaysia’s official portals providing property information and guidelines that property buyers and foreign property investors need to know in Malaysia.
1. Relaxation of FIC guidelines- The Prime Minister of Malaysia has announced that, effective 30/6/2009, all property transactions, including those between foreigners and non-bumiputeras, will no longer require Foreign Investment Committee (FIC) approval. The NEW FIC guidelines on acquisition of properties can be downloaded from the website of Economic Planning Unit of the Prime Minister’s Department.
However, foreign investors cannot acquire properties below specified threshold limits, with the threshold amount for commercial properties at RM500,000. For the purchase of residential properties, the present threshold of RM250,000 is maintained until the end of 2009, with the threshold increased to RM500,000 effective of Jan 1, 2010. More latest related information on deregulation of FIC guidelines at here and here.
2. Pemudah– A special taskforce set up by the government of Malaysia in 2007 to facilitate easier business dealings and improving public services delivery system. Pemudah has come out with a guidebook on land registration in Malaysia. The guidebook provides a brief information on land ownership registration in Malaysia. It also provides the stages and processes involved in land administration and complete with relevant forms required when transferring ownership for both local and foreign investors as well as list of registration fees for ownership transfer of each states.
The guidebook can be downloaded free from Pemudah’s website-here;
3.JPPH–Valuation and property services department, ministry of finance Malaysia. The JPPH’s website has shown much improvements over the years. The website not only posted the department’s up-to-date information but incorporates various NAPIC (National Property Information Centre)’s publications as well which was previously available on printed copy at a fee.
It is commendable that JPPH has posted NAPIC’s publication online on regular basis providing free quarterly property information such as Property Stock Report, Property Market Status Report, Property Sales Data etc. In addition, the portal now comes with new added online services such as stamp duties calculator for ownership transfer of real estate and MySMS services for property purchasers on stamp duty valuation cases. Though JPPH has uploaded the property information online, layman and property beginners somehow find that these quarterly reports are not easily comprehensible as there is little explanation or commentary and comparative findings on these tabulated statistics and data. The information is catered more for macro analysis on the suppy and demand of the various sub-sectors of the property market.
4. Department of Director General of Land and mines – this website posted general information (in Malaysian Language only) and a list of Malaysia Laws and application guidelines of various land dealings such as application for state alienated lands, subdivision and amalgamation, land conversion and guidelines on the approval process of land ownership (residential units) by foreign interests. Under Malaysia’s Federal Constitution, Land is under the jurisdiction of the respective state administration and each state has its own set of land enactments. Related link : Penang’s new policy on land conversion.
The website has also posted a paper written by Mohd Shukri Bin Ismail providing some insights into the latest amendments of the National Land Code 1965. The National Land Code is the primary land law of the states of Malaysia.
5.MM2H – Malaysia, My Second Home Programme, an international residency scheme being promoted by the Ministry of Tourism Malaysia to allow foreigners to live in the country on a long-stay visa of up to 10 years. The portal, MM2H, has been enhanced several times and is now accessible in various languages and provided with all the one-stop information including guidelines on purchase of residential homes by foreigners/expatriates.
6. Guidelines for house buyers issued by Ministry of Housing and Local Government Malaysia- The guidelines has been posted on the ministry’s website for many years which are still relevant and provides helpful tips to FIRST-TIME house buyers who wish to purchase new housing units (off-the-plan or under construction units) from primary market ie from housing developers.
The website also provides information of housing legal clinic and tribunal for homebuyer claims set up by the ministry to provide advice and help solve the problems faced by home buyers against housing developers.
For advisory on property investments in Penang and Kuala Lumpur, email to us at Izrin & Tan Properties Sdn. Bhd or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.
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