The number of applicants for the Malaysia My Second Home (MM2H) scheme had decreased by almost half last year from the previous year, according to statistics available on the MM2H website. Does this mean Malaysia is losing its charm in attracting foreigners to invest in property, live or to retire here?
Economic uncertainties are among the reasons for the drop in the number of MM2H applicants to 1,855 in November 2015 from 3,074 in 2014, said Malaysia Property Incorporated (MPI) general manager Veena Loh.
Loh shared her views during the Malaysian Annual Real Estate Convention 2016 (Marec’16) organised by the Malaysian Institute of Estate Agents last month, in her session entitled “Positioning Malaysia in the international property market: The role of real estate agents”.
Nevertheless, Loh believes Malaysia still has many advantages that can attract foreigners to invest in properties or to reside here. However, this market segment is often neglected by real estate agents.
“While focusing on the local market, real estate agents should also work together with government agencies, such as MM2H, MPI and the Malaysia Healthcare Travel Council, to explore new markets and expand their customer network to a bigger and more globalised market,” she said.
She urged real estate agents to prepare themselves with cross-border property investment knowledge to embrace globalisation challenges and grab the opportunity to reach a bigger market. - The Edge Property