GEORGE TOWN: There is a surge in demand for residential properties priced above RM1mil from foreign nationals this year compared to a year ago due to a weaker ringgit, say property experts.
Ideal Property Group general manager (sales & marketing) Nancy Teo said due to the current value of the ringgit, foreign enquiries for high-end properties had surged by a double-digit percentage.
“The enquiries are mainly from Taiwan, Singapore and Hong Kong. Chinese nationals who can buy property in Penang are those who have investments here,” he said adding that this year, the group had seen foreigners buying the completed Queens Waterfront 1 & 2 in Bayan Lepas priced above RM1.8mil to RM2.3mil.
“Projects in strategic locations generally sell better,” she said.
Teo added that the recently revised Malaysia My Second Home (MM2H) programme guidelines to allow foreigners to buy properties priced from RM500,000 would help stimulate the local property market.
One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said there were more foreigners buying industrial properties.
“This has to do with the weaker ringgit and maybe the new MM2H guidelines will help boost our sales later,” he said.
Eastern & Oriental Bhd assistant general manager (marketing and sales) Ramesh Gnanasegaran concurred that most of the enquiries were from Hong Kong, Singapore and Taiwan.
“The interest is in properties below RM3mil. The increase in enquiries has translated into more robust sales in 2023. Locals still form the bulk of our customers, but we are also seeing an increase in foreign purchases.”
