GEORGE TOWN: Each state can have its own guidelines on the minimum price for condominiums and apartments to be purchased by foreigners. Housing and Local Government Minister Zuraida Kamaruddin said the property overhang and its related figures were different in every state, and therefore each state could have its own guidelines. During the 2020 Budget tabling last Friday, Finance Minister Lim Guan Eng announced that the government will lower the threshold on high rise property prices in urban areas for foreign ownership, from RM1 million to RM600,000 in 2020. Penang's guidelines for foreign property ownership is a minimum RM3 million for landed property and RM1 million for condominiums on the island, while on the mainland it has been set at a minimum of RM1 million minimum for landed properties and RM500,000 for condominiums. Since the new policy announced at the Budget was to address property overhang, he reminded developers to give importance to building affordable homes.

Source: New Strait Times October 14, 2019 08:48 UTC