JOHOR BARU: The Johor government is looking at lowering the current RM1mil threshold for foreigners to buy property as an incentive to sell off 51,000 unsold properties in the state.

State Housing, Communication and Multimedia Committee chairman Dzulkefly Ahmad said that properties priced at RM600,000 and above make up between 60% and 70% of unsold properties here.

"Among the incentives that we are looking at is to review the RM1mil threshold of property prices for foreigners to buy property in Johor.

"The matter will be reviewed by the state Land and Mines Office as the matter comes under their jurisdiction," he said when met at a property fair held at a shopping mall here on Friday (Sept 20).

The Kota Iskandar assemblyman however assured that the lowering of the minimum threshold would not increase property prices for locals.

The measure was introduced by the previous administration to stabilise domestic prices from excessive speculation to enable local interests to acquire quality properties valued less than RM1mil per unit, especially residential units.