ISKANDAR PUTERI, Oct 22 — Easing the strict conditions for the My Malaysia Second Home (MM2H) programme and the high rental in Singapore will provide a much-needed boost to the Johor real estate sector.
State Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor said this development can also resolve the issue of unsold properties and revive Johor’s housing projects.
He said the high rental in Singapore, in particular, has already resulted in increased real estate transactions since last year.
“From the first quarter of 2022 to the first quarter of this year, Johor real estate sales has increased by 17 per cent, following the doubling of rents in Singapore.
“We are seeing many who work there and Singapore citizens buying properties here. So, certainly, the easing of the strict MM2H requirements will further revive the real estate sector and help resolve the unsold properties issue as well,” he said after the launch of a local council event here today.
He was responding to a query on the easing of the MM2H requirements, which was announced by Prime Minister Datuk Seri Anwar Ibrahim during the Budget 2024 recently.
“We welcome the Prime Minister’s announcement, as it will not only resolve the issue of Johor’s unsold properties but also predicaments faced by the nation as a whole.
“There were a number of MM2H conditions that were tightened after 2018, including the requirement of RM1 million as deposit for the purchase of a property and to stay in Malaysia for at least 90 days. Indonesia and the Philippines do not impose such conditions,” he said.
He added that the state government had repeatedly asked for a review of the MM2H conditions in the past.
The Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar was also reported to have urged the government to improve the MM2H programme in terms of policy, incentive, and benefits as well as reduce bureaucracy, which could lead to Malaysia becoming a preferred destination of choice. — Bernama