Buying and selling costs

Buying and selling costs of residential property in Malaysia are among the lowest in the region.

According to Global Property Guide, the costs paid by the buyer total between 3.81per cent to 11.6 per cent of the purchase price. The variation is due to change in stamp duty, estate agent's fees and solicitors fees with the price of the property.

Buyers are required to pay stamp duty, which varies from 1per cent to a maximum of 3per cent of the purchase price. The rate of 1 per cent applies to the first 100,000 ringgits (£15,823), 2 per cent on any amount in excess of 100,000 ringgits, but not exceeding 500,000 ringgits, and 3 per cent on any amount in excess of 500,000 ringgits (£79,115).

Legal fees are charged according to the Solicitors' Remuneration Order 2006:

First 150,000 ringgits (£23,734)                          1.0 per cent rate

Next 850,000 ringgits (£134,494)                        0.7 per cent rate

Next 2,000,000 ringgits (£316,416)                     0.6 per cent rate

Next 2,000,000 ringgits (£316,416)                     0.5 per cent rate

Next 2,500,000 ringgits (£316,416)                     0.4 per cent rate

Above a value of 7,500,000 ringgits the rate is negotiable, but must not exceed 0.4per cent.