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Go on, let Malaysia amaze ya
Tuesday, November 04, 2008, by Catherine Deshayes, The Move Channel

Like most countries, Malaysia has been suffering as a result of the credit crunch. Now, the property industry has launched a new campaign in a bid to attract more foreign investors...

Malaysia has been a popular tourist destination ever since it launched its ‘Truly Asia' campaign in 1999. It built a very strong argument about the attractions of the country which enticed both holidaymakers and property investors.

The eclectic nature of the country is what makes it so successful in attracting foreigners. Its geographical diversity sits alongside a kaleidoscope of food, art, culture and property. For city dwellers, the capital city, Kuala Lumpur, offers high-yield, high-rise living, with one bedroom apartments, starting at around £90,000.

If you are more of a beach seeker and sun worshipper, you could buy a beachfront villa on the stunning Sepang Golden Coast. There are also rainforest based properties, village homes and townhouses.

World of Property highlights the ‘'My Second Home' programme, which allows foreigners to a ten-year social visit pass, meaning they can stay in their holiday home for longer than just a holiday. The abolition of capital gains tax in April last year has also been a driving factor in the country's success.

Prices remain attractive too. Yeow This Sang, Honorary Treasurer of the International Real Estate Federation, said, "The Malaysian property market is still attractive in terms of prices.

"Properties in Malaysia are among the cheapest in the region and our laws are comparatively more lenient for foreigners to buy and sell property.

"Foreigners wanting to purchase property in countries such as Indonesia, the Philippines, Thailand and Vietnam are generally put off by the countries' respective laws, but foreign property owners in Malaysia are not subjected to some taxes, such as death taxes," added Mr This Sang.

Now, as part of the new drive to attract more foreign investors, the International Real Estate Federation is contacting organisations in other countries to improve communication and help investors become aware of what is available in Malaysia. Whilst Mr This Sang agreed that there had been a slowdown in the property market in Malaysia, he attributed it mainly to the rising price of raw materials rather than a financial crisis. He also said that demand for property remains steady and, due to that a slump should be avoided.


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