The president of an international real estate federation Michael Geh said that the government should not expand its homeownership campaign (HOC) outside of Malaysia as it is not right to promote Malaysian homes to citizens of other countries to entice them to invest here.
“HOC should not be promoted elsewhere because every country has patriotic expectations of its citizens to remain in their home country so bringing such a campaign to their country to attract them to make a home in Malaysia may not seem right,” he said in an interview with Malay Mail recently.
However, he supports the idea of promoting overhang properties in Malaysia to attract Foreigners.
“It would be a better way of promoting the overhang properties in the country by linking it with the MM2H program,” he said.
The main criteria for foreign property buyers is to make sure they intend to live in the properties they buy, instead of speculating, he added.
He said the “If the government wants to make it one of the MM2H requirements, it is also acceptable to persuade foreigners to buy Malaysian properties,” he said.
Geh opposed the Consumers Association of Penang (CAP) calls to cancel the MM2H program entirely and said those who come to live in Malaysia under the MM2H programs are bringing higher spending power to the country. Hence, the ministry can also consider awarding more points to MM2H applicants who bought properties here.
“They come here, live here and spend here so they are also helping the country’s economy as they are buying and generating income for local businesses,” he said.
He suggested that the government should keep a check on all MM2H applicants to make sure they filter out criminals so that others will not take advantage of the program.
|The MM2H program is a renewable 10-year multiple-entry visa initiative introduced by the Malaysian government for applicants across the world.|
According to the National Property Information Centre (NAPIC), there are a total of 32,936 units of residential properties valued at RM19.96 billion that were unsold in the country.
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