‘Capitalise on weak ringgit by buying property here’


  • Nation
  • Saturday, 31 Oct 2015

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Wahid Omar

   

Next In Nation

Soldier and trader charged with murdering army retiree
Cops issue RM260,000 worth of compound notices to entertainment centre owner, customers
High Court sets aside Mat Sabu's son's drug conviction
High Court's decision to quash children's conversion to Islam upheld
Khairy unanimously elected vice-president of World Health Assembly 2022
Nancy Shukri: We hope to fully reopen to international tourists by December
Cat scam: Pre-school teacher loses almost RM70,000
It breaks my heart, says Dr Wee in extending condolences to newly-wed who lost wife
Pandalela says she accepts Ahmad Faizal's explanation
Education Minister meets students over latest period spot check allegation

Others Also Read


Vouchers