Author: Steve Mallach
Malaysia’s ‘My Second Home’ initiative is creating a stir amongst property investors looking for a home in South East Asia. Already one of the top three retirement destinations in the world, the country seems to be making an all-out push to leverage the stunning natural scenery, excellent pricing and a rapidly developing infrastructure to secure its place in the sun as choice destination for those in search of landed property in South East Asia.
The establishment of Malaysia as a regional powerhouse has its origins in the country’s strategic sea-lane position which brought trade and foreign influences to its shores for hundreds of years. Today the descendants of the original traders; Malays, Indians, Chinese and many other ethnic groups make up the population of this vibrant country. Just as Malaysia became home to many of these traders and their families it is today attracting foreign nationals seeking to put down roots in South East Asia. This is partly due to an enlightened approach by the Malaysian government to foreign ownership of property.
The Malaysia My Second Home (MM2H) programme is just such an approach. It offers non Malaysians an attractive ten year renewable visa and other privileges in return for their commitment to the country. The programme is primarily attracting people who wish to spend their retirement years in Malaysia or who want to make Malaysia their home base for extended periods of time and around 12,000 people have been approved so far. The programme leverages what the Malaysian authorities believe are the unique selling points of the country; the low cost of living, a rapidly developing infrastructure, friendly locals, attractive tourist destinations and a generally excellent quality of life.
Here are the latest rules and updates to the programme http://www.mm2h.gov.my/index.php/en/.
If you are considering taking advantage of the enlightened attitude and largesse of the Malaysian government you might be pleasantly surprised at the variety of landed properties on sale throughout the country.
There are several hot spots for foreign investment in landed property throughout Malaysia. Many of these desirable locations are clustered around Kualu Lumpur, Malaysia’s national capital, and its primary cultural, business and financial centre. However the lure of Malaysia’s lengthy coastline (a total 4,538 km), diverse cultures, varied scenery and vast island archipelago all sound siren calls for those who want to experience the many moods of the region.
Many areas along the vast coastline, open hinterland and major urban centres of Malaysia are potential investment destinations for those in search of their South East Asian dream home. Although the spectre of the global economic downturn continues to cast a pall over property markets in the South East Asian region, the Malaysian property market seems to be a shining beacon of hope and sanity amidst the gloom and doom.
Fuelled by strong growth in the tourism industry, increasingly robust macroeconomic fundamentals and new development, this growth seems to be accelerating rather than slowing down.
Returns on property investment are extremely attractive, Malaysian home prices grew by an average of 6.6in the Fourth Quarter of 2012 the last year with reliable statistics. Taking advantage of this growth comes with a caveat for foreign buyers; you’re going to have to spend a minimum of RM 500,000 (US$ 160K, an increase is in the pipeline) on a property to enter the market. Given that the Malaysian Ringgit is trading at around 2.6 to the Singapore Dollar and that different barriers to entry for foreign property ownership in the two countries exist, Malaysian property is worthy of serious consideration.
It is easy to fall in love with Malaysia. A bubbly melting-pot of races and religions it is a festive and sometimes dangerously flirtatious younger niece of the staid but safe and squeaky clean aunt across the Singapore Strait.
Malaysia is a relaxed and welcoming multicultural gastronomic paradise. With towering skyscrapers that contrast with deep jungle and pristine coral reefs surrounding untouched tropical islands. It is a country that can reward a variety of investors, as well as those in search of a South East Asian home base. It is definitely worth exploring.
Article Source: http://www.articlesbase.com/real-estate-articles/destination-malaysia-a-property-overview-6525926.html
About the Author
A communications professional with over 15 years experience and particular expertise and success in the fields of corporate affairs and public relations across multiple industry segments in demographically diverse and highly segmented marketplace.
Adopts a strategic approach to integrated communications challenges informed by a wide knowledge of various communications disciplines.
Exceptional written and verbal communications skills.
Honours degree in Journalism.
Special interests: Integrating new technologies such as augmented reality, social media and gamification into the channel mix.
South African currently based in Singapore.