Rules on foreign property buy eased

PUTRAJAYA: Foreigners can buy properties above RM250,000 without seeking approval from the Foreign Investment Committee and there will be no conditions regarding usage or limit to the number of units purchased. 

“A similar announcement earlier had included conditions attached to the purchase,” Second Finance Minister Tan Sri Nor Mohd Yakcop told a media briefing yesterday. “These measures should be read as a signal that we are moving away from bureaucracy. However, there will be protection for locals as there will still be bumiputra allocations and discounts.”