Overseas property investors are facing an international property market bending over backwards to attract them to their shores. Investors who have made their minds up on where they should invest in 2007 may have to think again. Recent announcements by the Malaysian government now make the region an attractive place to buy real estate.
Changes in process and procedures like currency exchange rates seem to change regularly as each country jostles to attract overseas investors. It seem 2007 will be the same Nicholas Marr CEO of Homesgofast.com’ I predict that overseas lenders who are just getting to grips with international property investors will reduce their stringent lending criteria to increase their share of the markets. Countries with complicated buying procedures will move toward reducing beuraracy and make buying property in their countries a lot easier for foreigners’
Malaysia wants overseas property buyers
Malaysia recently announced its intentions to attract inward investment through overseas property buyers .It has made it easier for foreigners to buy residential property as part of efforts to boost investments in luxury homes. Foreigners will be allowed to buy residences worth more than 250,000 ringgit (US$70,225; €53,470) without having to obtain approval from the government's Foreign Investment Committee, the Prime Minister's Office said.
According to research conducted by chartered surveyors and international property consultants, CH Williams Talhar & Wong (WTW), Malaysian investors are expected to continue buying landed properties while foreigners would still be interested in purchasing condominiums in 2007.
The new rule means buyers will not face any restrictions on property usage or the number of units they can acquire,
The new rule means buyers will not face any restrictions on property usage or the number of units they can acquire,
Malaysian property transaction down values up
The ministry's "First Half 2006 Property Market Report" showed the property market activities decreasing by 4.1 percent in volume of transactions to 131,321 transactions worth RM28.81 billion compared with 136,940 transactions in the same period 2005.
However, the value of transactions increased by 1.4 percent and 1.6 percent compared with RM28.42 billion in the first half of 2005 and RM28.36 billion in the second half of 2005 respectively.
The ministry's "First Half 2006 Property Market Report" showed the property market activities decreasing by 4.1 percent in volume of transactions to 131,321 transactions worth RM28.81 billion compared with 136,940 transactions in the same period 2005.
However, the value of transactions increased by 1.4 percent and 1.6 percent compared with RM28.42 billion in the first half of 2005 and RM28.36 billion in the second half of 2005 respectively.
This measure is aimed at encouraging foreign investors to purchase high-end homes, and could "bring positive effects to the property and construction sectors," the statement said.
Overseas property investors have so much choice
European investors have been heading in their droves to invest in Bulgaria, Croatia and Romania. Traditional areas for UK property buyers such as France and Spain still remain steady and are considered less risky places to invest. Poland and the Czech Republic are tipped to be sound places for investor money in 2007.
The weak dollar has now got investors rethinking their investment strategies. Areas such as Florida are particularly attractive to overseas property investors as the regions can maintain rental income from the millions of tourists that visit the areas.
Brazil has seen a steady increase in popularity with investors heading to the North East for beachfront property at knock down prices.
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Author
Carol McDonald