It is relatively inexpensive to buy a house or apartment in Malaysia, and many investors have made good returns on their property investments over time. A wide range of properties are available, including large detached houses (known as bungalows), semi-detached and terraced houses, apartments and condominiums. Properties for sale can be found by browsing or searching on the website. It may also be possible to buy land on which to build your own property; however, it should be noted that some areas of land can only be bought and sold by Malays and other indigenous groups.  Overseas buyers can buy as many properties as they want and can apply for a loan from a local bank for 70% of the purchase price. There is no upper limited to the cost of properties that may be purchased by overseas investors in Malaysian property. In December 2006, the requirement for foreigners to apply for EPU approval to purchase was abolished provided the purchase consideration for the residential property exceeds RM250,000 regardless of the number of properties purchased and the use for which the property is purchased.The only condition now imposed on foreign purchasers is the need to apply for the consent of the State Authority for the transfer of the property to the name of the foreigner. The approval process usually takes 2/3 months before the consent (which is largely a formality) can be obtained.
The conveyancing procedure in the purchase of property between the locals and foreigners are substantially similar.
The Malaysian government policy is to welcome overseas residents who wish to live in the country and has instituted a number of programmes and incentives to facilitate this.
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The standard procedure for purchasing a property in Malaysia is:
1) Sign a letter of offer and pay 3% of purchase price as an earnest deposit
2) After 14 days, sign a sale and purchase agreement; pay 7% of purchase price
3) Pay the balance of the purchase price within three months
Legal fees, stamp duty and agency fees (if used) are also payable.
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The cost of living in Malaysia is among the lowest in Asia, but nonetheless the country has an excellent modern infrastructure including extensive but relatively low cost transportation services. If you speak English, you will be able to do everything you want without any trouble. For example, when two locals with different mother tongues meet, it's common for them to speak in English. Most people in Malaysia speak English. Malaysia is a very safe country with little violent crime and what there is, is almost never directed at overseas visitors. The most to fear are snatch-thieves.
There are absolutely no "dangerous" or "bad" neighbourhoods to be avoided; there are - of course - fashionable areas and less fashionable ones like everywhere else in the world, but none is dangerous. The ruling Government is the longest serving freely elected Government in the world. It is a Government representing all the races, religions, cultures etc. found in Malaysia. In fact, Malaysia is one of the most politically stable countries in the world. The rule of law is one of the fundamentals in Malaysia's constitution.
Everyone is subject to the law and is also equal before the law. Malaysia practises basically the British system of justice with an independent, reliable and dependable judiciary.
You can rent out your property if you are not using it and We would be happy to assist you in finding a tenant. Many of our available properties offer guaranteed rental returns for a period of years. Contact us for details.
Opening a bank account in Malaysia is relatively easy. Once you purchase a property, we can introduce to you a bank of your choice so that you can open a local banking account. With internet banking you can access your account in English at all times from anywhere, check balance, transfer funds and even pay utilities bills - all done online through the internet. You can appoint a lawyer of your choice or, if you prefer, we can recommend to you a local lawyer who can take care of all the documentation, approvals etc. and even arrange mortgage financing
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High-end residential property in the affluent Klang Valley in and around Kuala Lumpur continues to dominate the residential market, but other favoured areas are Mont Kiara, Damansara Heights, Sunway Damansara, Penang and Langwaki.
Prices Vary as ever by quality and popularity of area but Malaysia offers a very wide spread of pricing bands. A 20% deposit of the house value is usually required. Average condominium prices range from less than £40,000 to £150,000, bungalows from £50,000 to £225,000 and two storey bungalows (with 5 or 6 bedrooms and 3 or 4 bathrooms) £200,000 upwards. Currently, base lending rate is 6.7% per annum, but the mortgages market is competitive and fixed rate and other discounted rates are available; loans are typically available up to a period of 20 years |
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