The government has reduced the floor price of properties that foreigners can buy from RM1 million previously to RM600,000.
"To address the overhang of condominiums and apartments that remain unsold totalling RM8.3 billion as of the second quarter of 2019, the government will reduce the face value of property for foreign ownership from RM1 million to RM600,000 in 2020," he said when tabling the budget before the Dewan Rakyat this evening.
"Through the scheme, financial institutions will allocate RM10 billion while the government will provide support with a 30 percent or RM3 billion guarantee.Under the scheme, he said potential homebuyers can rent a property for up to five years and can subsequently choose to purchase the property based on the predetermined price in the rental agreement.
They will also receive a RM200 subsidy for the first two years but this is limited to the first 10,000 home purchases made under the scheme.
Why shd we pay for property developers greed and bad business decisions. Allowing more foreigners to buy is a bad mistake. If these developers wanna sell their unsold properties, give discounts to locals
Govt bails out big business at the people's expense yet again. It's the developers' greed that put them in this mess. Let property prices fall so your own citizens can finally afford to buy them, not flog them off to foreigners ffs. Heads cronies win, tails rakyat loses.
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