More Japanese are making Malaysia their second home, snapping up properties in the Klang Valley and other urban places. They have also become the top participating nationality in the Malaysia My Second Home (MM2H) scheme, surpassing China and Iran.
Based on data from the MM2H Centre, Japan has been the top participating nation since 2011, when the country was deluged by a tsunami, followed by the Fukushima nuclear crisis.
Japanese find Malaysia an attractive second home due to its strategic location, political stability and economic growth. Aside from that, it also offers cheaper living costs and modern health facilities.
Datuk Seri Michael Yam, President of Real Estate and Housing Developers Association (REHDA), said thegovernment, for the past years, has focused on making Malaysia a comfortable and convenient place to live in for the Japanese.
"These people used to work in Malaysia. When they went back, they probably thought that this is not a bad place to have a second home, especially since it is one of the cheapest places to live in," said Yam.
Yam added that Mont Kiara is one of the largest Japanese enclaves in the country and is also popular with other expatriates.
Meanwhile, Shotaro Ishihara, Managing Director at Tropical Resort Lifestyle said that more Japanese are looking for overseas property to relocate and to invest in.
Ishihara, whose sells Malaysian properties in Japan, noted that Penang offers an attractive option as real estate there costs less than those in Singapore, Hong Kong, Kuala Lumpur and Japan.
"However, only a small number of Japanese have bought residential property in Penang."
"This is because Penang is known in Japan as a holiday resort and not as a property investment destination. The rental yield is also still not attractive," Ishihara explained.
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