August 20, 2016

Local investors eye overseas property market for investment

LOCAL businesspersons express increased interest in outbound real estate market to expand their investment, according to local property agents.
Currently, local real estate market is cool. There are a few clients who bought property to live in.
Prices of condominium apartments in neighbouring countries including Malaysia are cheaper than local condominiums.
Among the projects, Malaysia’s Paradiso Nuova Condo in commercial hub Iskandar City, which has been established by Chinese and Malaysian governments since 2006, get the attention from global investors including Myanmar.
The Malaysia’s condominium project now sells for approximately K300,000 per square feet.
Every investor from different countries to receive ownership of the property and an opportunity to apply 10-year residency visa, according to the Malaysia law, which is a main reason why the local investors wish to invest in the outskirts of the country.
“I want to purchase a condo flat within the country but the price is very high and it is difficult to possess a high quality condo apartment which was constructed in line with the international norms as there are no condominium law in the country,” said a local entrepreneur.
Singapore includes in top investor lists in Malaysia, followed by Japan, Korea, China and Indonesia.—001(Kyemon)


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