JOHOR BARU - The minimum price for foreign property buyers will remain at RM500,000 ($196,000) if plans for the development projects were approved before the announcement of Budget 2014.
Johor Housing and Local Government executive councillor Datuk Abdul Latiff Bandi said that the new minimum of RM1mil ($400,000) would not apply to development plans approved prior to the tabling of the Budget last month.
"Following the Budget announcement, the state government is reviewing property ownership policies for foreigners looking to invest in the Iskandar region.
"The minimum price for foreigners who wish to own a property here will increase from RM500,000 ($196,000) to RM1mil ($400,000).
"With the price doubled, locals will have less competition and more opportunities to buy the properties," he told reporters after launching Malaysia Property Expo (Mapex) here yesterday.
Mapex organising chairman Wong Kuen Kong said there were over 12,000 units of properties worth RM10bil ($3.9bil) offered to housebuyers throughout the three-day expo.
"Despite the recent Budget announcement, we are confident of getting a good response from visitors," he said.
He added that the previous expo last May raked in some RM1.6bil ($600mil) in sales.
The expo, he said, allowed visitors to survey projects offered by 34 developers at just one place, saving them time and money.
"The expo also encourages property buyers to own their homes and space at affordable rates," he added.
The expo, which is organised by the Johor Real Estate and Housing Developers Association, is on until tomorrow at the City Square shopping complex.