Cloudy outlook for property tourism

Cloudy outlook for property tourism
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KUALA LUMPUR (Sept 19): Property tourism, a subcategory of tourism where the tourists’ main or partial intention of going to a country is to visit sales galleries and purchase properties, was relatively vibrant before slowing down pre-Covid-19 pandemic in 2019. 

Notable developments in this segment include The Estate by Meridian Bhd, The Sail by Sheng Tai International Sdn Bhd and Forest City by Country Garden. 

According to consultants, two recent announcements will impact the segment, namely the revised Malaysia My Second Home (MM2H) Programme and the Tourism Recovery Plan (and the opening of local tourism bubbles). 

The general consensus among property consultants on the revised, stricter MM2H programme is, unsurprisingly, unfavourable. 

Meanwhile, the Tourism Recovery Plan (and the opening of tourism bubbles, such as for Langkawi) serves as a glimmer of hope for the segment as it jump-starts local tourism, boosts market confidence and may open up the segment to a local audience. 

With borders still closed, travel halted, as well as changing policies and other challenges, how will property tourism fare in the near and long term? 

Read more about it in the latest issue of City & Country, in The Edge Malaysia weekly’s Sept 20 edition.

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