Many would have been aware of this, but in case if you've not heard about recent cooling measures in Johor, the government will be imposing processing fees of 4% and 5% of the property value starting next year. This is a dramatic increase from current fee of RM10K.
Another measure is in limiting the number of foreign ownership. “Local buyers will not be able to transfer ownership of their units to foreigners once the 30 per cent quota (for foreigners) has been filled. These are just some of the steps that the state government will be introducing to safeguard the interests of locals,” Johor’s State Housing and Local Government Committee Chairman Abdul Latiff Bandi said.
We do feel that the property market has started to slow down, partly also due to financing issues faced by many interested buyers. Banks are more strict in giving out loans and the cash over valuation amount is quite significant, hence only cash rich investors would be able to invest.
The next wave could be when Educity, Pinewood etc open up, let's see what the future entails :)
Johor move to cool down property market | Free Malaysia Today
Local owners can't sell to foreigners...?
ReplyDeleteI think for certain properties (or ther could be a quota)...
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