Malaysia is to increase property prices for expat buyers in a bid to control inflating prices.
Expats in Malaysia are currently allowed to purchase a property providing it costs at least RM500,000 (about £100,000) New plans from the government are set to see this increased to RM1 million.
The reason for the increase is believed to be due to unrest developing amongst young Malaysians who are concerned that they may be being priced out of of the property market in their own country, due to a large number of foreign buyers snapping up prime property.
However, Malaysia is by no means looking to limit the number of expats coming to the country, on the contrary. A new development in the southern region of the country, Iskandar, is being pushed as the ideal destination for expats. Once fully completed it will be three times as large as Singapore and will boast financial district, education hub, leisure and residential areas.
To further market the area to foreign expatriates, Iskandar will play host the only overseas branch of Marlborough College a number of other British universities, and also a Legoland theme park. It is believed that here the minimum price for expat property purchases will here will be stand at RM800,000.