Buying A Property As A Foreigner in Malaysia?
Some people say that there is no place like home whether it is in a rural place or a city. To see if they can fit into a place they need to travel locally or abroad to discover the culture. They travel abroad to discover and see more, to find out what is only in their country. They can see and discover their travels a lot of lifestyle and set ad good choices before deciding to move in. They still buy a property in Malaysia despite far it is from their home country or how many flights they need to take just to be there. It is because Malaysia is one of the beautiful countries, they are very welcoming to a foreigner and very accommodating, factors that help foreigners to decide to stay for good. However, you need to experience a lot and long process to rent or own a place in whatever country you are coming from. But don’t worry so much because you here are the basic guide and consideration in buying a property in Malaysia as a foreigner.
As a foreigner, you can buy a property in Malaysia
As a rule of government don’t be surprised if you see in their advertisements such as television ads or social media ads that the price is much higher if you are a foreigner. Also, because Malaysia is not a friendly place for foreigners who wish to stay for good because they prioritized their people that’s why they offer their Houses, Condo units, lands, and property with higher pricing.
We still believe that moving to Malaysia is worth the price whether the price is more than or not. Malaysia has more of a business district and lately has a booming economy like the other Asian country. One more thing that foreigners see is that Malaysia has a good investment in terms of real estate because they stabilized the market that is because a lot of people want to stay for good in Malaysia. They also offer a lot of stable jobs and offer enough income, which is a good factor for a place to stay for good whether the price is more than or not.
You still need to become very careful in dealing with this industry as much as you want to buy Houses, Condo units, lands, and property. Scammers are everywhere no matter how good the reviews you read in the social media account or internet you must be extra careful and check for the nth time before you decide because they might take away your dreams to own a property and crashed your dreams on planning to stay for good in Malaysia for life and take all your savings. Despite their promising culture, happy and very accommodating people there are still persons with a bad attitude that might consider you as a victim. But the government are very promising and supportive with the foreign buyers and investor they have site and apps that you may consider using to help you address the issues. They have a FAQ that stands for Frequently Ask Question specially made for them. This will help you to determine the people you trust with your money is a true agent or not. Also, the Malaysian government has call the Malaysian institute agents they will help, you to determine the things or the agents are legally operating in Malaysia. You must check the background and ask questions to your chosen agent before giving or depositing money to them.
There are kinds or type of property you can buy in Malaysia
You must understand and learn first the kinds or types of property. Malaysia can offer you different choices that’s why you must know the difference of all the kind of property. Also, to have a deeper understanding through research you can get some considerations. These articles can help you but can’t cover all the things you must know before acquiring a property. A few of the good properties around are G Residen, Seni mont kiara and Pantai HillPark.
Fully understanding of these different kinds will help you to find the right person so you can cover everything about the kind of property you want to buy in Malaysia. Some of your other choices of property observe different rules of compliance to the Malaysian laws. Also, some places are not accessible to foreign buyers or investors you must search differ with regards to the location. The industry is government regulated and operated, you must take into consideration that not all kinds are based on a certain company but applicable to all real estate buyers or investors. You can check below the different kinds of properties that you cannot buy as a foreigner in Malaysia:
Malaysia has a certain starting amount for foreigners. Just like what we stated before. That’s why you cannot buy any Houses, Condo unit, lands, and property that is lower than RM 1 million. They need to give chance, or the priority is their local buyers and investor to make sure that Malaysian properties are well invested in. To make sure that their lands are not wasted and abused also to keep the trust of the local residence of Malaysia foreign buyers and investors are not allowed to buy a Houses, Condo unit, lands, and property that is in Malay Reserved Land. The government ensures that local buyers are the only ones who can buy Houses, Condo unit, lands, and property in this place.
Malaysian government is very protective in their culture and people just like with the above criteria but with regards to this statement they are not saying you’re not welcome to their country, they are just protecting their lands from being abused by some bad guys and bad investor due to some are very abusive that they only destroy the land they acquired and have it as a hid out or something because it is not their home country. About this matter, foreign buyers are not allowed to buy any Houses, Condo unit, lands, and property for the sake of Bumipotera. Bumiputera is a Malaysian word that they use to refer to indigenous people and protecting the culture and future of Malaysia. All of these land and Houses, Condo unit, and properties are stated by the government.
Last but not the least, you are not allowed to acquire any Houses, Condo units, lands and properties that will fall under low and medium price for any kind or type of properties. In line with the first criteria which is the higher pricing cost for any foreigner who wants to acquire a property in Malaysia. This is highly implemented in residential units.
Local banks can finance a foreigner who wishes to buy a land, house, or property in Malaysia?
Honestly, the foreign buyers and investors can go to the local Malaysian bank to seek financial assistance, but it might be very difficult to get approved, but we are saying that it is possible. You have to go through the same process as what the locals do before getting financed by the Malaysian bank. They will also ask you to finalize and give them the supporting document they need because of your status as a foreign buyer or investor. However, with regards to the housing loan that the locals privilege to use is not advisable for you as a foreigner. Local Malaysian banks can offer a minimum of 70% and a maximum of 80% of financing support assistance. Unlike with the locals who can receive a maximum of 90% financial support assistance
In this case, it is advisable to ask for help or assistance from a foreign bank that is located in Malaysia. For your financing plan, you may want to consider different options or foreign banks. We have the list of some foreign banks that you may consider seeking help for financial assistance: HSBC Bank Malaysia Berhad, United Overseas Bank Malaysia Berhad, Bangkok Bank Berhad. OCBC Bank Malaysia Berhad, and Bank of Chine Malaysia Berhad. Unlike with the local bank, this list of foreign banks can provide you the 90% of financial support assistance. To help you not to worry to pay the pricey or expensive worth of property you acquire or buy in the land of Malaysia.
Having an answer to the question of: It is possible to buy Houses, Condo Unit, land, or any kind of properties even parking space as a foreigner in Malaysia? YES!, It is really possible as a foreign buyer or investor to go and buy any buy Houses, Condo Unit, land, or any kind of properties as long as you can pay but with the guides stated above. You can now plan your future with the Malaysians and stay in their country for good. If you change your mind and don’t have any plan to stay for good, it is still feasible to have a good real estate investment in Malaysia. It may be a little bit tricky and pricey unlike with the local buyers and investors the long process of acquiring it is surely be worth it.
Watch this video on how you can invest in Malaysia: