By Farah Wahida
Malaysia failed to achieve its goal to attract foreigners to buy properties and make the country their second home, according to property experts.
Minister of Tourism Malaysia Datuk Seri Dr Ng Yen Yen said the country has recorded 1,659 properties sold from 2007 to August 2012 under the Malaysia My Second Home Programme (MM2H) worth about RM1.5 billion.
Property experts noted that the purchase amount of about RM300 million annually was insubstantial compared to annual total residential property transactions worth RM30 billion. The small investment is deemed to have no effect on the property market as a whole.
The non-speculative nature of investments is believed to be the cause of the small figure of property investment by foreigners.
“The MM2H programme has contributed immensely towards the creation of a vibrant domestic economy and helped spur local economy,” Ng said following a memorandum of understanding (MoU) between Bank of China (M) Bhd (BoC) and Ministry of Tourism in Kuala Lumpur last Thursday.
Ng said that from 2002 until August 2012, the country had attracted 19,488 participants from 120 countries to help promote the MM2H programme with China, Bangladesh, Japan, the UK and Iran topping the list of participants.
Minister of Tourism Malaysia Datuk Seri Dr Ng Yen Yen said the country has recorded 1,659 properties sold from 2007 to August 2012 under the Malaysia My Second Home Programme (MM2H) worth about RM1.5 billion.
Property experts noted that the purchase amount of about RM300 million annually was insubstantial compared to annual total residential property transactions worth RM30 billion. The small investment is deemed to have no effect on the property market as a whole.
The non-speculative nature of investments is believed to be the cause of the small figure of property investment by foreigners.
“The MM2H programme has contributed immensely towards the creation of a vibrant domestic economy and helped spur local economy,” Ng said following a memorandum of understanding (MoU) between Bank of China (M) Bhd (BoC) and Ministry of Tourism in Kuala Lumpur last Thursday.
Ng said that from 2002 until August 2012, the country had attracted 19,488 participants from 120 countries to help promote the MM2H programme with China, Bangladesh, Japan, the UK and Iran topping the list of participants.
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