Indians major investors in Malaysian property sector

Kuala Lumpur, Jan 24(ANI): Malaysian International Trade and Industry Minister Mustapa Mohamed has said that Indians spent almost 500 million ringgits over the past seven years purchasing properties in Malaysia, making them the fourth biggest property buyers in the country.

Mohamed said that after Singapore, the United Kingdom and South Korea, Indians were the major investors in Malaysia's property sector.

"India is now the fourth highest buyer of properties as the people have a strong and growing middle-class with a good purchasing power," New Strait Times quoted Mohamed, as saying.

"The close connectivity between Malaysia and India as well as the commonalities between the countries are reasons why more Indians are buying properties in Malaysia," he added.

The locations of choice for Indians were Kuala Lumpur, Penang and Johor. (ANI)