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iExpert is a Q & A platform that allows iProperty.com members to connect and find answers to their questions. Whether you're buying, selling, renting or a real estate professional, if you want an answer to that burning property question from our resident iExperts, or would like to become an iExpert yourself, this is the place for you

 

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Q : Foreigner purchasing property in Malaysia.
Category : Buying Property in Malaysia       Location : Kuala Lumpur
Could someone help in explaining the CURRENT procedures for foreigner to purchase property ( condo units) in Malaysia?
By Mohd Bakhtiar Affandi, 27-Jun-2009.

 
YP Chan answered : 03-Jul-2009.
Hi Mohd, For foreigners, buying property in Malaysia is the same as for Malaysians. The only difference is that the property value must be above RM500k (as announced by the gov't on 1.7.09) and that the lawyer must apply to obtain for them the State Authority Consent. The normal conveyancing process for Malaysian is about 3 months plus 1 month (for extension due to delay). But with foreigners, the process is a little longer ranging from 3 months to 6 months due to the waiting time for the State Authority Consent. We are experience lawyers and we help a lot of expats buying property in Malaysia and if you need any advice or assistance, pls call me at 012-2248225. Rgds Liew
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Willy Gunawan answered : 01-Jul-2009.
Hi Bernard, I heard for foreigner we need to apply state authority of consent. Can I know how long it will take if the property under KL area? is it mandatory to apply state authority of consent before the bank disburse the money (I assume the purchaser take a loan)?
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Bernard Cleverman answered : 28-Jun-2009.
Hello Mohd Bakhtier. You can buy Properties in Malaysia as Investment. You can also buy a Property under the 2 Home Plan this is for retired people or businessman who wish to retire in Malaysia for more details please check this website on the right hand side and look under Second Home. Plan regard's bernardcleverman@gmail.com
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