For a foreigner who is looking to invest in Malaysia property, be it in cities like Kuala Lumpur or Penang or in the country side, it is good to know what types of properties are available. One could be looking to buy a bungalow, condominium, house, apartment for sale, or even vacant land; although buying vacant land and building a house is really for the very few who have the passion and time.
Most of my friends looked for a house or an apartment with a basic layout that they liked and then involved themselves with the interior design. I actually heard for the first time, terms like ‘free hold land’ or ‘lease hold land’. In ‘free hold land’ one can enjoy ownership forever. So the owner is the title holder who owns the land. Obviously he can transfer the title to whomever he wishes.
In a ‘Leasehold land’ the owner has the right to occupy the land or the property that they buy for a given period of time. This is a like a ‘lease term’ from the government to the buyer. The lease lasts up to 99years after which the owner has to give back the property to the government. Obviously the owner has to apply to renew the lease if he wishes to continue staying there.