money

CHENNAI: Indians spent almost RM500 million over the last seven years purchasing properties in Malaysia, making them the fourth biggest property buyers in Malaysia.

International Trade and Industry Minister Datuk Mustapa Mohamed said after Singapore, United Kingdom and South Korea, cash-rich Indians have emerged as major investors in Malaysia's property sector.

"India is now the fourth highest buyer of properties, they have a growing strong middle-class with good purchasing power.

"And, the close connectivity to Malaysia from India, and also the commonalities between both countries are some of the reasons why more Indians are coming to Malaysia to buy properties," Mustapa told reporters at the Malaysia Property Expo 2010, which opened in Chennai on Saturday. -- Bernama