KUALA LUMPUR: While developers lauded the Malaysian government’s move to lower the threshold for foreigners to buy urban high-rise properties, a consumer group said such a move does not address housing affordability issues for Malaysians.
Referencing a study by Khazanah Research Institute, Mr Selvaraj said a median house price is 4.4 times the median annual household income in Malaysia. It is the government’s responsibility to regulate the property market to ensure that the homes are affordable, he stressed. Real Estate and Housing Developers Association president Soam Heng Choon told CNA that developers believed it would reduce unsold units in urban cities.
Ms Angie Wong, who specialises in properties in central Kuala Lumpur, said lowering the threshold is a good move to digest the unsold units in the market.“We have to look at the bigger picture. At the moment, there are insufficient funds to maintain buildings and this will make the cityscapes look bad,” she said.
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