Johor’s billion-ringgit property market braces for higher foreign-buyer tax
Foreigners are scrambling to seal property deals in the state to beat the Jul 1 levy hike. Industry players are concerned over the short notice
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[KUALA LUMPUR] Johor’s property market is recording a spike in activity as foreign buyers scramble to close deals just weeks before a planned hike in levies kicks in.
The short notice given for the hike, announced on Jun 18, has sparked some disgruntlement, especially among Singaporean investors who say they have been left with little time to make big-ticket decisions.
Veteran agent Matt Tian from PropNex Malaysia said his team has fielded numerous complaints from potential buyers, particularly Singaporeans, who are upset with the short notice. “Many feel forced into making quick decisions or face higher costs,” he said.
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