New Singapore property tax set to push foreign buyers to Malaysia

KUALA LUMPUR: Singapore’s doubling of property taxes for non-residents last week may result in an estimated 15% increase in foreign-buying in Malaysia over the next 12 months.

Singapore has doubled the tax rate for foreigners purchasing residential properties from 30% to 60% to prevent buoyancy that has been introduced by excessive, high-end demand from overseas buyers and preserve affordability for local buyers.In a statement, global real estate technology group Juwai IQI said the move would push more high-end foreign buyers to Malaysia particularly to Johor, Kuala Lumpur and Selangor.