KUALA LUMPUR: Malaysia should put in more effort to disseminate information on the local property market overseas to attract investments in high-end projects in the country.
Malaysia Property Inc chief executive officer, Kumar Tharmalingam said if foreign buying were to increase by three per cent, it would contribute up to RM20 billion in sales to the country’s property market.
“We have all the system in place.
“All we need is publicity on what real estate is about in the country,” he told reporters after the launch of Asia-Pacific Real Estate Association’s (Aprea) Malaysia Chapter here yesterday.
Last year, total property transactions in the country amounted to RM107.44 billion, of which overseas investors made up 11 per cent.
He said the lack of information was because not many international property research houses were set up in the country due to legal hindrance.
“The more international property research houses we have, the more exposed the market will be and the higher the chances they (foreign buyers) will come here,” he said.
Kumar said despite more foreign investors buying local properties, the country would not expect to face housing shortage as the current infrastructure could host 50 million people compared to the country’s population of about 28 million.
“Foreigners buy high-end projects which cost over RM1 million each and this does not affect the middle- and low-income buyers,” he said. The Malaysia Chapter was set up as part of APREA’s strategy to operate on a decentralised basis with local identities in all key markets in the region. — Bernama