Johor experiences the strongest property demand by foreigners and momentum is expected to continue, driven by increased interest from Singaporean buyers, according to DataSense real estate intelligence head Dr Lee Nai Jia.
Based on its Property Market Outlook Report 2024, Iskandar Puteri in Johor witnessed the highest percentage of foreign demand, mainly from Singaporeans and its permanent residents (PR).
He pointed out that the announcement of the Special Economic Zone and the progressive completion of the Johor Bahru–Singapore Rapid Transit System (RTS) Link were factors which boosted demand from Singaporeans.
He noted that the Singaporean property prices is experiencing a historic high, which was also driving property demand in Johor. In addition, he noted that most of the visitors were looking at properties that were priced below RM1 million.
“We are seeing that (Singaporeans) are not looking at high-end homes priced above RM1 million which ties in well with them (buying property in) Malaysia, attracted by the Malaysia
“In terms of the MM2H impact, we suspect that potential buyers are still analysing and taking their time before decision-making. We observe that Malaysian citizens (living in Singapore) are going back and looking at properties,” Lee said in PropertyGuru’s property market outlook 2024 webinar and panel discussion.
Lee added that the first group that were interested in buying property in Johor were Singapore-based Malaysians, who commute between both countries almost daily, due to high rental prices in Singapore.
While, the second group are potential buyers from Singapore who are encouraged by the government’s announcements in regards to economic developments, which have increased interest and demand.
