malaysia luxury property recovery fast approaching
News Posted On: 03 August 2009
Malaysia's luxury property sector is likely to be one of the first and fastest to recover from the international downturn, according to experts.
This is because the country has all the growth prospects you'd expect of an Asian country: growing tourism and a growing economy, with a whole host of other benefits including a favourable tax regime and English contracts, according to overseas property portal Property Abroad.com.
"Right now, some of the people who have been sitting on cash waiting to buy their dream holiday home for a price lower than they ever thought possible are starting to get out there and buy.
As this year progresses investors will become increasingly active within the market place, Asia will be a hot favourite, and Malaysia likely a favourite within Asia," said Les Calvert, director of the portal.
"We believe this because of the favourable tax regime, including no capital gains tax and nominal buying costs, also because foreigners can easily pick up mortgages in Malaysia, because its being an ex-British colony means there are many western banks on the high street, and even the Malaysian banks will mortgage foreigners.
This status also means that contracts are in English, and the buying process is very similar to Britain," he explained.
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