IPOH: More foreigners are investing in property in the country and this is pushing up the price of houses, making it unaffordable to the average Malaysian.
Syarikat Perumahan Negara Bhd (SPNB) managing director Datuk Dr Kamarul Rashdan Salleh said foreigners had purchasing power and were able to fork out RM500,000 to buy a property, causing developers to mark up prices.
“This creates a kind of false alarm and impression that there is demand for these houses. The middle-income group, especially young adults who need houses to start a family, is facing problems because of this,” he told reporters at his Hari Raya open house here yesterday.
Dr Kamarul noted that many foreigners had invested in property in the Klang Valley, Johor and Penang, resulting in escalating prices.
“The current trend also shows that foreigners are starting to buy property in Malacca and Negri Sembilan.
“However, there should be a balance between offering such high-end property and houses that are affordable to the people,” he stressed.
On the idea of setting a higher minimum price for foreigners, Dr Kamarul said this would be unfair.
“It could also upset the market, and make them lose confidence in the country,” he said.
Dr Kamarul said the Federal, state and local governments should work together to build quality and inexpensive homes, while controlling property prices.
“They can also consider re-developing idle land or increasing the number of areas for building affordable homes.
“They can do it as a joint venture or with SPNB or under Projek Perumahan Rakyat 1Malaysia which are more social-oriented,” he said. - The Star
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