Aside from enabling foreigners to acquire Malaysian properties at lower value, the weaker ringgit also presents a long-term benefit to the local property industry, reported Bernama citing the Construction Industry Development Board (CIDB).

Above:The weaker ringgit also presents a long-term benefit to the local property industry

This is because foreigners make a continuous commitment to the industry once they acquire a property in Malaysia, said CIDB chief executive Datuk Seri Judin Abdul Karim.

“When they (foreigners) buy properties, they have to change their money into ringgit. No harm buying properties here because they (properties) remain here,” he said after the launch of the International Construction Week (ICW) 2015 by Prime Minister Datuk Seri Najib Tun Razak.

Above:When foreigners buy properties, they have to change their money into ringgit.

“Once they have properties here, they have to pay quit rent and the likes. And for me, it’s a good thing.”

Nonetheless, the government should ensure that the supply of affordable homes is enough for the people.

“We should encourage foreigners to put their money here, but at the same time, there should be enough (affordable homes) for locals in order to keep the balance in the market,” he said.

Above:The government should ensure that the supply of affordable homes is enough for the people.

“The most important thing is the government must have a consistent policy in order to ease the investors to anticipate the market. When there is a flip-flop in the market, investors are bit cautious to invest.”

The ICW 2015 also saw the unveiling of the Construction Industry Transformation Programme 2016-2020.

Notably, the prime minister said during his speech that the government expects the property industry to register a double digit growth annually.

Source: Property Guru