JOHOR BAHARU, Jan 22 (Bernama) — The property market in Johor Baharu and Iskandar Malaysia has been negatively affected by the cooling measures introduced by the authorities to address rising property prices, says the Real Estate and Housing Developers’ Association of Malaysia (Rehda).
Rehda Johor chairman Koh Moo Hing said potential property buyers in the two areas are now adopting a wait-and-see attitude.
“Feedback from our members (in Rehda Johor) shows that sales are now slowing compared to last year, and we also expect fewer property project launches this year,” he told Bernama here Wednesday.
“Property price rises are expected to slow down after this,” Koh said, adding the Malaysian Property Exposition (MAPEX) in Johor in November last year also recorded fewer visitors.
Last year, the government, in tabling Budget 2014, raised the Real Property Gains Tax to 30 per cent for properties disposed of within three years, while the Johor state government raised the minimum value of properties that foreigners could buy from RM500,000 to RM1 million.
The second measure has had a bigger impact on the property market in Johor Baharu, Koh said.
Potential buyers are are now more wary and want confirmation that a completed property has been occupied before making a decision to buy, he said.
However, the property market in Medini, Iskandar, which has been exempted from the cooling measures, has been showing good growth, with local and foreign property players continuing to launch various property projects, he added.
Source: BERNAMA
http://www.iskandarworld.com/property-news/cooling-measures-affecting-property-mart-jb-iskandar-rehda/
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