JOHOR BARU: Johor’s property sector is expected to see an uptick in 2024 following the revamped Malaysia My Second Home (MM2H) programme, says the Real Estate and Housing Developers’ Association (Rehda).
Its Johor chairman Wong Boon Lang said it would also benefit from other high-impact development projects in the state.
He said property players were more optimistic now, after having suffered through the Covid-19 pandemic and the depreciation of the ringgit.
“The unveiling of a revamped version of MM2H by the Tourism, Arts and Culture Ministry is very timely.
“Johor Rehda welcomes the amendments made to the MM2H as it will make Malaysia more attractive to foreigners wanting to buy property here to make our country their second home,” he said when contacted yesterday.
Wong said that mega projects such as the Johor Baru-Singapore Rapid Transit Link (RTS), which was on track to meet its completion deadline by the end of 2026, and the Johor-Singapore Special Economic Zone (SEZ) and Special Financial Zone (SFZ) in Forest City, would also make the state more attractive to foreigners.
“The requirements under the latest version of MM2H are much more relaxed than the previous rules, and make it more friendly for foreigners seeking to buy property.
“It has also widened the opportunity for future foreign homeowners by lowering the minimum age to 30.
“Basically, the new MM2H has renewed our optimism for the Johor property sector next year, and we expect to see good growth,” he added.
Last Friday, the Tourism, Arts and Culture Ministry unveiled a revamped version of the MM2H programme, which now has three tiers – Silver, Gold and Platinum.
The revamped programme will be on a trial run for one year and would be open to adjustments based on evolving circumstances to ensure it stays relevant and effective, the ministry said.
The revised system made several changes to the eligibility criteria.
The minimum age requirement has been lowered to 30 years, opening the door to more people who seek to make Malaysia their second home.
Applications can only be submitted through licensed MM2H agents accredited by the ministry under the Tourism Industry Act 1992, as a way to make the process more streamlined and secure.
Another significant change is an expanded list of eligible dependents.
In addition to spouses, children below 21 and children with disabilities, the programme now covers all children between 21 and 34 years old who are not working or married in Malaysia.
Parents and parents-in-law are also eligible to be included as dependents.
Irrespective of the chosen tier, all participants must fulfil the minimum stay requirement in Malaysia for a cumulative total of 60 days annually.