Tuesday, February 11, 2014

Real Estate: Penang to enforce new housing rules

Whats new with Penang housing laws and updates?
Here is an update that I recently stumbled upon

Well, to me I say: Kudos to the gomen for implementing these rules
Penang will see more stable property/ real estate growth in the near future because of this
Sure...there are some angry speculators but hey, you can't please all right?
Don't burn the whole forest just because you want a tree - think of others too!


The state of Penang is set to enforce new housing regulations on the proposed date of February 1, 2014.
At its core, the new regulation is designed to minimise speculation in the state’s property market and to ensure public housing and affordable homes are accessible to low and middle-income first-time home buyers.

The new regulation affects citizens and non-citizens buying low cost homes (up to RM42,000), low-medium cost homes (up to RM72,500), affordable homes on the island (below RM400,000), and affordable homes on the mainland (below RM250,000) and covers all past and future purchases.
Our infographic below illustrates the new housing regulation and restrictions imposed on home buyers.

iris (1)
Homeowners who wish to sell their house within the 5 or 10-year lock-in period must first make an appeal to the state government. Additionally, these houses can only be sold to “listed buyers” which are certified middle-income individuals registered with the state government’s Housing Department.

source: http://www.imoney.my/articles/penang-new-housing-rules

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