CHENNAI, Jan 23 (Bernama) -- 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.

The three-day exhibition, organised by the Malaysia Property Incorporated, is held at the Chennai International Trade and Industry Centre, in conjunction with the Confederation Indian Industry's Partnership Summit 2010.

Mustapa and Tamil Nadu Deputy Chief Minister M. K.Stalin launched the expo today which was initially scheduled to be opened by Prime Minister Datuk Seri Najib Tun Abdul Razak.

Mustapa later delivered Najib's speech where the premier said countries must be allowed the flexibility and space to determine their economic course.

"We must work towards a rules-based system where wealthy nations will not overpower developing nations and where rules facilitate growth and greater economic integration.

"Only then can the benefits of globalisation be more inclusive and the potential of our people be unlocked," Najib added.

-- BERNAMA