- The property market in 1998 experienced a
drastic drop in both the number and value of
transactions.
- The number of transactions declined by
46.4% whilst the total value of transactions dropped by 57.60%
compared to 1997.
- The most badly hit sectors were the
industrial and development land sectors, whilst the least
affected was the agricultural sector.
- The Federal Government relaxed its policy
by allowing foreign purchasers to buy residential and commercial
properties exceeding RM250,000.
- In this respect, a total of 82 applications from
foreigners had been approved from January to June 1998 out of a
total of 798 applications.
- Twenty-one applications were rejected with
the balance still under consideration by the Johor State
Authority.
- Some housing developers affected by
economic problems have turned to agriculture until the housing
market recovers.
- One of the big developers in Johor Bahru
has offered to lease out land on a short-term basis to plant
cash crops on sites of delayed projects.
Additionally, Johor Corporation has
provided a package of incentives to lure workers to the
plantation sector such as providing a semi-detached house within
two years of employment to each of the employees, as well as
free water and electricity supply.
The houses will belong to the
workers after 1O years service.
Johor |
