Ohmyhome predicts an uptick in foreign transactions

Ohmyhome Pte Ltd predicts growth in transactions from foreign locations, following the recent move to lower the threshold of foreign ownership to $143,000

Ohmyhome CEO Rhonda Wong said the company has seen very healthy growth in terms of searchers since the portal was launched in July 2019.

“We are more positive about the property market after the announcement, thus we expect the market to react in the same way as the government is directly addressing the issue of supply overhang in the market.

“Following the reduction of the threshold for foreign ownership, we are broadening the target market, and hence, we should be seeing an increase in the number of transactions."

— Ohmyhome CEO Rhonda Wong

The momentum is expected to continue to build as more people will learn about Ohmyhome and our offerings, Wong added.

According to Real Estate and Housing Developers Association Malaysia President Datuk Soam Heng Choon, foreign ownership of property in the country is very minimal at 3%.

In the recent Budget 2020 announcement, Finance Minister Lim Guan Eng said the government will lower the threshold on high-rise property prices in urban areas for foreign ownership from RM1 million (approximately $239,000) to RM600,000 (approximately $143,000) in 2020, to reduce the supply overhang of condominiums and apartments amounting to RM8.3 billion (approximately $1.9 billion) in the second quarter of 2019.

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