Real Estate in Malaysia

Malaysia Real Estate

First Published Date: Apr 2010

One of the fastest growing and most dynamic countries on Earth is Malaysia. Once thought of as a country that was nothing more than developing, this country is becoming a financial force to be reckoned with. The capital, Kuala Lumpur, is close to some of the most important cities in the world, including Singapore, and the city itself boasts 6.9 million within its region, giving it plenty of opportunities for investment, and as a place to move to.

In fact, many individuals in the Western World are looking at Malaysia and Kuala Lumpur as a place for retirement residential property. The coastal area of Malaysia to the west of the country boasts some excellent coastal resorts and properties that are quite affordable.

In addition, Malaysia is very open for tourists and if you want to visit somewhere beautiful in your very own condo or house, then you should look to this country as a place to own property.

Thankfully, Malaysia makes this very easy thanks to the My Second Home Program (MM2H). This program allows foreigners to own residential property within Malaysia, with a limit of two properties. This program tests an applicant to make sure that only serious buyers come to the country and those who own property through the MM2H program are not allowed to work within Malaysia, but they are more than welcome to take their vacations there. That doesn’t mean you can’t own property and work in Malaysia. To that, all you need is to get a loan from a bank.

In order to put down money on property there are two stages that must be followed. First, three percent of the worth of the property must go with the letter of offer. After this, another seven percent of the purchase price must be presented with when the full sale agreement is signed. Some other benefits to living in Malaysia also include the fact that there is no capital gains tax on property deals as of April 2007. At one point the tax was as high as 30 percent, but it does not exist anymore.

It should also be pointed out that Malaysia has a very benign taxing structure. This means that you do not pay much for taxes when you live in Malaysia. This helps you save more money that you can use to put towards buying a home in Malaysia.

Currently, homes and condos are cheaper in Malaysia than ever before due to the financial meltdown that has been experienced all over the world. As a result, you can save a lot of money by buying in Malaysia right now. You will typically pay more within Kuala Lumpur than you will outside the city. No different than in the United States, Canada or Europe, some homes will be more expensive than others depending on where they are. Make sure you do your research before buying a condo or house within Malaysia to ensure you get what you want, where you want, for the price that you want.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Apr 11, 2010.