Malaysia recorded RM407 million in actual sales of houses between 2002 and 2008 under its Malaysia My Second Home (MM2H) programme, falling short of the RM7.8 billion target it would have achieved if all participants of the programme had bought a house there, reported The Star Online.

Citing Henry Butcher, The Star Online said there were 11,738 participants of the MM2H programme between 2002 and 2008.

However, only 510 of them had bought houses during this period resulting in RM407 million in actual sales.

“If each of the MM2H applicants were to buy just one property, there would have been 1,676 properties sold a year, with an estimated gross sales value of RM7.8 billion or RM1.12 billion a year,” Henry Butcher Malaysia chief operating officer Tang Chee Meng told The Star Online.

Tang added that the most sought after properties by foreigners are those priced between RM250, 000 and RM500, 000.

The top MM2H buyers were from China, Britain, Iran and Japan.

Source: http://www.property-report.com/property-news-top-stories.php?id=2587&date=010609

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