KUALA LUMPUR: Malaysians who have invested in property abroad in cities such as London should seriously consider capitalising on the weaker ringgit by selling off and re-investing in Malaysia.
Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said that over the past decade there was a trend of Malaysians buying property overseas.
He said a study estimated Malaysians had invested up to US$5.5bil (RM23.65bil) in property in various countries.
“I have many friends too who have over the past few years invested in the London property market. Some bought flats in London for £500,000 three years ago when the exchange rate was RM5 to £1.
“The price of the flat has gone up to £1mil, so imagine at the present exchange rate of RM6.6 to £1, you will get RM6.6mil.
“That’s more than a 100% return on your investment. You can invest half of that in prime areas in Kuala Lumpur and the rest in the stock market or other investments,” he said in his speech at the opening of Malaysia Property Exposition MAPEX 2015 here yesterday.
Abdul Wahid said with the ringgit almost 20% down in value since the end of last year, Malaysians should seriously consider channelling their investments back to Malaysia.