Johor to review curb on foreign property buyers

JOHOR BARU: Johor wants a review on the restriction imposed on foreigners buying property in the country, said the state Housing and Local Government committee chairman Datuk Md Jais Sardy.

He said the state was trying to find a formula for housing projects that was specially for foreign buyers.

The federal government has pegged foreign purchase of local real estate at property priced above RM1 million, which was put in place on March 2014.

"The RM1 million restriction is the federal government's policy. We are looking for some locations, or units smaller than 1,000sq ft, to see if we can have more reasonable prices for foreigners."

He said the state government have imposed a policy that 40% of each housing project should consist of affordable houses, priced between RM80,000 and RM200,000.