Bernama reports that Johor will be reviewing their procedures and conditions for foreigners to own houses. This is due to the increase of house prices in the state, especially in Iskandar Malaysia.
According to the article, Local Government, Housing, Arts, Culture and Heritage Committee Chairman, Datuk Ahmad Zahri Jamil, announced that the state Economic Planning Unit (UPEN) was in the process of studying ways to tighten the rules on foreign ownership. This is to help to control the escalation of house prices, which is making it difficult for locals to buy houses.
"The price of property is determined by the market force. However, the prices also reflect on demand and supply or just because of extreme speculation. So, we have to conduct a detailed study," said Datuk Ahmad.
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