Foreigners and property transactions

RESIDENTIAL property worth more than RM2bil was either bought or had their ownership transferred to foreigners over the past year, says Nga Kor Ming.

The Local Government Development Minister said this represented less than 1% of total residential property transactions from 2022 to June 2023.

The bulk of transactions, totalling more than RM262bil was by Malaysians, he said.

“According to data from the National Property Information Centre (Napic), Malaysians recorded 571,810 residential property transactions worth RM261.956bil.

“Meanwhile, foreigners recorded only 1,437 residential property transactions worth over RM2.484bil in the same period,” he said in a written reply dated Oct 30.

This was in response to a question from Datuk Dr Alias Razak (PN-Kuala Nerus) who asked about the number of foreigners who owned homes in Malaysia.

Nga also said his ministry would continue to prioritise increasing home ownership among Malaysians.