What do I need to know when buying property in Malaysia?

"1. It is important to understand the Malaysian property laws, including restrictions on foreign ownership depending on the state where the property is located. 2. You should ensure you have a reputable lawyer to guide you through the process as well as to assist with any legal matters concerning the property. 3. You should also be aware of the prevailing market conditions and prices in the area you are looking to purchase a property in. 4. You may also want to consider engaging the services of a property agent or negotiator to assist you in negotiating the best deal. 5. You will have to pay stamp duties, transfer fees and registration fees upon purchasing the property, so it is essential to work out the exact costs beforehand. 6. Malaysia's Central Bank, Bank Negara Malaysia, also has restrictions on the purchase of more than one property in the same area by foreign purchasers. 7. In some cases, you may need to obtain an authorisation from the Central Bank before proceeding with the purchase of property. 8. Finally, make sure to conduct your due diligence to safeguard yourself from any potential pitfalls," explained one expat living in Malaysia.