Foreign residents holding the Malaysia My Second Home (MM2H) pass bought more than RM5 billion worth of Malaysian property between 1 October 2024 and 31 August 2026, according to a statement by Deputy Tourism, Arts and Culture Minister Chiew Choon Man. Over the same 23 months the programme drew 7,650 new applications and was credited with RM8.85 billion in total economic value, of which fixed deposits placed in Malaysian banks made up RM3.82 billion. Property purchases were the single largest component.
For anyone buying a new condominium in Kuala Lumpur, Penang or Johor Bahru, the figure matters for one reason: since the programme was restructured, buying a home is no longer optional for MM2H participants. Every tier now carries a compulsory residential purchase with a fixed minimum price, which turns each approved applicant into a property buyer.
The MM2H numbers at a glance
The ministry’s figures cover the first 23 months of the revised programme. The table below sets out what was disclosed.
| Metric (1 Oct 2024 – 31 Aug 2026) | Figure |
|---|---|
| Total economic value attributed to MM2H | RM8.85 billion |
| Property purchases by MM2H participants | More than RM5 billion |
| Fixed deposits placed in Malaysia | RM3.82 billion |
| New applications received | 7,650 |
| Applications from mainland China | 3,847 |
| Applications from Taiwan | 1,054 |
| Applications from Hong Kong | 324 |
| Applications from Singapore | 287 |
| Applications from the United States | 284 |
Mainland China alone accounted for roughly half of all new applications (about 50.3%, our calculation from the ministry’s numbers). The five named markets together made up about 76% of the total. Averaged across the period, MM2H-linked home purchases worked out to a little over RM200 million a month.
Why MM2H participants now have to buy property
Under the current framework published by the Ministry of Tourism, Arts and Culture (MOTAC), each MM2H tier combines a fixed deposit with a compulsory residential purchase. The deposit proves financial capacity; the home purchase anchors the participant to the country. Up to half of the fixed deposit can be withdrawn for approved purposes, and a property purchase is one of those purposes.
| MM2H tier | Fixed deposit | Minimum home price | Pass term | Minimum age |
|---|---|---|---|---|
| Platinum | USD 1,000,000 | RM2,000,000 | 20 years, renewable | 25 |
| Gold | USD 500,000 | RM1,000,000 | 15 years, renewable | 25 |
| Silver | USD 150,000 | RM600,000 | 5 years, renewable | 25 |
| SEZ / SFZ (age 21–49) | USD 65,000 | As set for the SEZ development | 10 years, renewable | 21 |
| SEZ / SFZ (age 50+) | USD 32,000 | As set for the SEZ development | 10 years, renewable | 50 |
Participants aged 25 to 49 on the three national tiers must spend at least 90 days a year in Malaysia, counted across the main applicant, spouse and dependants. Participants aged 50 and above have no minimum stay requirement.
What RM5 billion means for the new-launch market
RM5 billion over 23 months is a meaningful but concentrated pool of demand. Because the tier floors start at RM600,000 and rise to RM2 million, MM2H buyers sit almost entirely in the mid-to-upper segment of the market rather than in affordable housing. That lines them up with city-centre serviced residences, established expatriate suburbs and a handful of resort-style locations.
The practical effect for local buyers is competition in specific pockets rather than across the whole market. A Malaysian first-time buyer shopping below RM500,000 in Cheras, Puchong or Seberang Perai is unlikely to meet an MM2H buyer. A buyer looking at a freehold unit near the city centre in KLCC or Mont Kiara is far more likely to be bidding in the same space.
The disclosure also has limits worth stating plainly. The ministry did not break down the RM5 billion by state, city or buyer nationality, and application counts are not the same as approvals or completed purchases. The figures show the programme’s overall pull, not which neighbourhoods absorbed the money.
Where MM2H buyers tend to look
Because the ministry gave no location breakdown, the following is based on what the rules and the applicant mix point to, not on reported transaction data.
- Kuala Lumpur city centre. Freehold serviced residences around the Petronas Twin Towers suit applicants who want walkability, international schools within reach and rental demand from expatriate tenants. Projects such as The Conlay and Eaton Residences sit in this belt; our KLCC new launch comparison sets the current options side by side.
- Penang. The island has a long track record with MM2H retirees, and the Taiwan and Hong Kong applicant pools historically favour it. The George Town area page and our Penang new launch comparison cover what is available.
- Johor Bahru and Iskandar Puteri. Singapore applicants and SEZ participants gravitate south, especially with the RTS Link due in 2027. See the Johor Bahru and Iskandar Puteri area pages, plus our RTS Link buyer guide.
The state threshold still applies
The MM2H minimum price is a programme rule, not a replacement for state land rules. Foreigners buying residential property in Malaysia generally also need state authority consent, and each state sets its own minimum purchase price for foreign buyers. In some states and property types that state floor is higher than the MM2H floor, and the buyer has to clear whichever figure is higher.
The purchase also carries the usual transaction costs. Stamp duty on the transfer, legal fees on the sale and purchase agreement and any loan documentation all apply as they would to any buyer; our stamp duty and legal fees guide for 2026 walks through the calculation. Many MM2H applicants also prefer freehold title for long holding periods, which is covered in freehold vs leasehold in Malaysia.
What to watch next
The ministry said the MM2H One Stop Centre plans overseas sales missions in Hong Kong, Japan and South Korea. If those markets respond, the applicant mix could shift away from its current heavy reliance on mainland China. The ministry also said it gathered feedback from consultants, property, education, healthcare and banking representatives at the 14th MM2H National Workshop, which suggests further fine-tuning of the rules is possible.
For Singapore-based buyers weighing Johor against other states, our Singapore buyer guide to Johor Bahru property covers the cross-border practicalities. For the longer demographic picture behind retiree demand, see how Malaysia’s ageing population is shaping property demand.
Frequently asked questions
How much property have MM2H participants bought in Malaysia?
MM2H participants bought more than RM5 billion worth of Malaysian property between 1 October 2024 and 31 August 2026, according to the Deputy Tourism, Arts and Culture Minister. It was the largest part of the RM8.85 billion in economic value attributed to the programme over those 23 months.
Do MM2H holders have to buy a house in Malaysia?
Yes. Under the current MOTAC framework every MM2H tier includes a compulsory residential purchase. The minimum home price is RM600,000 for Silver, RM1 million for Gold and RM2 million for Platinum, while SEZ participants follow the price set for the designated SEZ development.
What is the MM2H fixed deposit requirement in 2026?
The MM2H fixed deposit is USD 150,000 for Silver, USD 500,000 for Gold and USD 1,000,000 for Platinum. The SEZ tier requires USD 65,000 for applicants aged 21 to 49 and USD 32,000 for applicants aged 50 and above. Up to 50% can be withdrawn for approved purposes, including a property purchase.
Which countries send the most MM2H applicants?
Mainland China sent the most MM2H applicants, with 3,847 of the 7,650 new applications between October 2024 and August 2026. Taiwan followed with 1,054, then Hong Kong with 324, Singapore with 287 and the United States with 284.
Can an MM2H holder buy any property in Malaysia?
An MM2H holder must meet both the tier’s minimum home price and the state’s rules for foreign purchasers, including state consent and the state’s own minimum price for foreigners. Where the state threshold is higher than the MM2H minimum, the higher figure applies.
Does MM2H demand affect local first-time buyers?
MM2H demand mainly affects the mid-to-upper market, because the lowest national tier requires a home of at least RM600,000. Local first-time buyers shopping in the affordable segment are unlikely to compete directly with MM2H buyers, while buyers of city-centre freehold condominiums may.