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2010 The Year Of The Malaysian Recovery
April 13, 2010Article by Ray Withers
Property in Malaysia is likely to continue on the path to recovery in 2010 according to global property experts.
According to the Global Property Guide, half the members of the Real Estate and Housing Developers’ Association (REHDA) of Malaysia, expect property prices to rise by up to 20% during the first half of 2010.
UK based international property investment consultancy Property Frontiers has said that a combination of liquidity, economic growth, low property prices and the way foreigners are welcomed, will make property in Malaysia () one of the top sellers with foreigners this year.
Director of the firm David Cox said:
“Malaysia is one of the greatest markets in Malaysia right now. Well, it always has been but now its benefits are standing out for all to see. Whilst always welcoming foreign property buyers, with things like automatic residency etc, the Malaysian government has constantly monitored the market to make sure that no bubbles were forming, and boy are they getting the benefit of that now.”
“Foreigners can still get mortgages in Malaysia, the economy is gearing into a strong recovery, property prices are low, and foreigner still get automatic residency. Most importantly Malaysia has shown its stability; the steady price increases that seemed like a downside during the boom, now returning as an outright positive with today’s stability-first buyer.”
Malaysia also has the added benefit of being an ex British colony. This is why foreigners can easily get finance for property, but it also carries a whole host of other benefits, including:
* A first rate healthcare system
• All contracts involved in purchasing property are in English
• A similar buying process to that of the UK
It is easy to see why Malaysia is currently so popular with British people looking to move abroad for better job opportunities and a better way of life. One benefit that does not come from its being an ex-British colony, but that will be increasingly important this year, according to Cox, is the favourable taxation system.
“While there are many similarities between Malaysia and Britain, its taxation system is most certainly not one of them. There is no capital gains tax or inheritance tax, and income tax is on a sliding scale from 1% to 28%. With the British government ramping up on taxation, especially for high earners, regimes like that of Malaysia will surely become more attractive,” he said.
Property Frontiers are currently marketing the Axis Crown Premier development, which offers 3 bedroom luxury apartments in central Kuala Lumpur from just £90,000.