Real Estate in Kuala Lumpur
Buying Property, Tips, Malaysia Long-Stay Programmes0
Chances are, you might fall in love with this beautiful city in Malaysia and decide to make Kuala Lumpur your permanent home or at least purchase a house for long-stay visits. And for those who want to invest, Kuala Lumpur has the highest value in the real estate market of Malaysia. This section provides some tips and guidelines for international visitors to purchase a home in Kuala Lumpur.
If you're looking for a house to stay in, look for those that are within convenient distances from your work place (if any) and modern amenities. Houses nearer or within the city area provide you with modern entertainment and commercial opportunities. The drawback is the high cost of property within the city limits. On the other hand, if you want somewhere peaceful and quiet, spots outside the city are perfect and cost much less. Alternatively, you can look for a condominium which enables you to enjoy all sorts of facilities such as swimming pools, grocery stores, security guards and laundry services right at your doorstep.
Also, always look for a neighbourhood that provides comfort and convenience. Find about the available shopping areas, clinics and eateries if any. Access the area for any illegal activity or dubious characters. Ensure you do a background check on the area, asking the residents or people familiar with the prospective area. Always plan and think clearly about your prospects; do not rush into a hasty decision when buying a house. Also, shop around, compile and compare a list of properties to ensure you get the best deal.
Foreign Ownership of Property
Under the Government's Foreign Investment Committee(FIC)'s guidelines, foreigners are allowed to buy and purchase certain categories of residential units, shop houses, commercial and office spaces comprising of old buildings and newly launched projects, subject to a price not exceeding RM150,000.00 per unit except for industrial land.
Foreigners are not allowed to purchase double or single-storey terrace houses, low or medium-cost houses and flats, houses in land reserved for Malays and Bumiputra property. In terms of commercial properties, foreigners are not allowed to purchase double or single-storey shops, low-cost shops, stalls, service workshops and business-operation premises on Malay Reserve Land. Finally, agricultural land cannot be purchased if used for the purpose of growing traditional Malaysian agricultural resources such as rubber and oil palm trees.
All property purchases must also be approved first by the FIC regardless of value, and if acquired, cannot be sold for the first three years starting from the acquisition date. However, foreigners are allowed to seek finance from domestic sources if the property is approved for purchase.
Malaysia My Second Home Programme
This is a programme promoted by the Ministry Of Culture, Arts and Tourism to allow citizens of international countries to stay in Malaysia on a multiple-entry visa for up to 5 years, which is renewable depending on the applicant's passport validity. It is open to citizens of almost all countries and applicants can bring along their spouse and children aged below 18 years.
The programme was formerly known as the 'Silver-Haired Programme'. Under the social pass issued, successful applicants can purchase up to two units of residential premises not costing more than RM150,000 each. However, they are not allowed to purchase commercial property except as an inactive partner investing with others.
Further information can be obtained from:
Foreign Investment Committee
Unit Perancang Ekonomi
Blok 5, Aras-1
Pusat Pentadbiran Kerajaan Persekutuan