BFM Podcast
Can MM2H Multiple-Entry Visas Help Property Demand?
16-Aug-23 09:30
See Kok Long, Executive Director, Metrohomes
Tourism, Arts and Culture minister Datuk Seri Tiong King Sing announced that the government will review the terms and conditions for the MM2H program following a 90% drop in applicants. It's widely believed that the MM2H program helps the local property market, especially for the high end properties above 1 million. We speak with See Kok Long, Executive Director, Metrohomes to look at the current requirements and get his suggestions on how to improve it.
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MM2H will only help to spike up home prices to make connected sharks, politicians and developer richer. It will also spike up home prices beyond Malaysians reach.
2023-08-29 14:45
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People who purchase property want the security of being able to live in that property after 10-20-30 years. If they have no assurance that they will be able to enter and stay in Malaysia why would they BUY? They would rather rent.
If their heirs are unable to access and live in the property then that also dampens the desire to purchase a property. Thus conditions that require people needing to be of a certain age, or "must (themselves) purchase a home (rather than inherit it)" depress the market amongst retirees. Mind you, authentic retirees bring a whole host of downstream benefits to the economy. They bring in foreign earned capital and spend it on living expenses that stimulates the local economy.
It does however do little to stifle another type of foreign investor...the absentee speculator intent on renting the property out and reselling it. ^hey will then take that mney outside and invest elsewhere. They won't be participating in the daily expenditures made by the retired MM2H resident.
In my view the retired resident should be encouraged and the wealthy moneybags speculators should be discouraged.
Similarly, there has been an effortr to prevent Sarawak MM2 visa holders from living in the peninsula. Many of these took advantage of the lower investment requirements in Sarawak to avoid the insanely expensive requirements of the MM2H. They, and their foreign-earned wealth, would have not come into Malaysia...wealth lost to the Philippines, Thailand or Indonesia economies. But Sarawak MM2H allowed them to affordably qualify to live in Malaysia. But the Federal Government thinks that if they live in Semenjantung they are harmng Malaysians? So...they could live anywhere else...but Peninsular Malaysia - send their money there and this is smehow benefitting Malaysia's post-pandemic recovery economy??? Just let them live on the Peninsula and have them investing in the local economies of Penang, KL, Selangor, Malacca, Ipoh, etc. rather than Manila, Denpasar, Koh Samui, etc.
Economically such restrictions make no sense. It just hurts Malaysians.
2023-08-29 14:28