Foreigners can buy Malaysian properties worth RM1 million or more, double from now

MALAYSIA'S government has doubled the minimum value of properties that foreigners could buy to RM1 million (S$391,310), from RM500,000 currently.

Announcing this when presenting the 2014 Budget, Prime Minister Najib Razak said this was among a slew of measures being implemented to temper the sharp rise of homes in the country.

He said foreign buyers of Malaysian properties would have to pay 30 per cent in real gains property tax (RPGT) if they were to sell their units before five years.

The tax is at 5 per cent if the unit is sold after that period.

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