Malaysia Remains First Choice For International Property Investment: iProperty Survey

SINGAPORE, April 30 (Bernama) -- Malaysia remains the first choice for international investment, despite the country's own cooling measures, including restrictions on properties below US$306,034 (RM1 million) and higher Real Property Gains Tax (RPGT), according to iProperty Asia Property Market Sentiment Report H1 2014 (APMSR). The survey showed that interest in overseas property has shifted, with increased interest in Australia (22 per cent up from 19 per cent), whilst Malaysia, which remains the top choice, declined from 39 per cent to 35 per cent. The UK and Thailand were next, each with nine per cent. The report also showed that interest in Iskandar Malaysia has declined to 51 per cent (down from 59 per cent), but the area remains appealing, as most high-end properties are above the US$306,034 level. Even with those restrictions, it said 64 per cent of respondents cited 'affordable property prices' as the main reason for purchasing in Iskandar Malaysia, the main southern development corridor in southern state, Johor. Additionally, Medini Iskandar is exempt from the US$306,034 minimum price for foreign purchase. Respondents continue to view the Iskandar Regional Development Authority positively, with 79 per cent (up 9 per cent), agreeing that Iskandar has been promoted well. APMSR is Asia's largest consumer sentiment survey, with 18,500 respondents from four countries namely Malaysia, Indonesia, Hong Kong and Singapore. The survey was conducted by iProperty Group from December 2013 to January 2014. iProperty.com Singapore is Singapore's leading real estate website. --BERNAMA