The global outbreak of the novel coronavirus (2019-nCoV) may see increased interest in domestic properties from international purchasers in the coming quarters, says PropertyGuru Malaysia country manager Sheldon Fernandez.

Fernandez expects strong interest to purchase properties here, especially in Penang, where foreigners can buy stratified properties priced above RM1 million on the island while on the mainland, they can get stratified properties above RM500,000 and landed properties from RM1 million.

Without mentioning where the international purchasers will likely come from, Malaysia has seen strong interest in the past, particularly from China, Hong Kong, Singapore, and Indonesia.

The Malaysian housing market remains attractive to foreigners and expats who either wish to live or invest here because the homes are affordable and offer reasonable returns.

Fernandez said regional unrest has seen a rise in foreign interest in Penang, given its relatively attractive pricing and location.

“Industry players are taking advantage of this situation to clear unsold units by offering various incentives to lure international buyers to the state,” he said.

News Source: New Straits Times, 19th February 2020.

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