After my graduation, I worked in Penang for 15 years. During those years, I have stayed in Georgetown, Tanjung Bungah, Relau and the area before I move to Kuala Lumpur was Sungai Ara. Where transactions are concerned, Penang property market has been lacklustre for many years. However, it seems that the situation is changing, especially for the residential property market.
Article in edgemarkets.com Raine & Horne International Zaki + Partners Sdn Bhd senior partner Michael Geh says that the total transactions for residential properties in Penang are expected to reach 12,936 valued at RM5.5 billion for 2019 and this is HIGHEST since 2016.
Last year, the total units transacted was 12,551 valued at RM5.47 billion. Thus 2019’s numbers are showing a growth of an extra 405 units or 3.23 percent higher where transactions are concerned.
Geh said, “Increases are noted in both the primary and secondary residential property markets. A total of 984 transactions valued at RM480 million are expected in the primary market, while 11,952 transactions valued at RM5.02 billion are expected in the secondary market for 2019.”
He added, “The estimated increase is due to the many positive policies introduced by the Ministry of Housing and Local Government and the Ministry of Finance, such as the Home Ownership Campaign. Moving forward, the lowering of threshold prices for foreign purchasers will continue to spur the residential property market.” Do read the report by Geh in full here: Article in edgemarkets.com
Ready to re-enter the Penang property market? Penang will always be a great place when it comes to sun, sea and job opportunities. While financial centres may not be in Penang, it has many industry parks which housing MNCs from all over the world. In other words, it continues to attract many engineering graduates to be based in Penang. Their salaries are usually higher than majority of other qualifications. Thus demand for homes willcontinue to rise.
Penang is also an extremely popular destination for medical tourists. It has an international airport which is 3rd busiest in Malaysia and it has enough good food to make anyone forego their diet plans too. Yes, that’s the reason why I still have properties in Penang. Without a super attractive offer, I will hold. So, if you are like me; someone who still love Penang for its future potential, join me in owning a property in Penang. Happy considering yeah.
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