The Malaysian government has made capital gains tax rules less onerous for foreign investors - they now only pay this levy if they sell a property within five years of purchase. Estate agents have welcomed the change saying it would draw more long-term, overseas investors to the country's property market.
In a separate move, Malaysia's Foreign Investment Committee is planning to deregulate investment guidelines to make it easier for overseas purchasers to come to the country.
Malaysia has steadily opened its doors to foreigners over the past decade. It runs a Malaysia My Second Home programme which allows non-Malaysians to buy a property and take up residency for up to ten years in the country. Foreigners can buy any property valued at M$250,000 or more, and can own up to two homes.
Analysts say Malaysia has made these changes, because it fears its own property market will be eclipsed by that in resurgent Singapore.
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