Let this quick guide enlighten you on the latest condo trends in Penang, highlighting important factors to ease your decision-making process
Typing in ‘Penang's condo for sale' or ‘Penang's new condo' will yield instant results for you. However, most of us will be confused with the deluge of links to read, not to mention clicking in each of the links.
Instead of scouring every link one by one, let this quick guide enlighten you on the latest condo trends in Penang, highlighting important factors to ease your decision-making process.
January 2020 The Star news article quoted representatives from real estate consultancy Knight Frank Malaysia in saying that the local residential market is making a slow comeback.
The market improvement has also spurred foreign buyer interest in Malaysian properties from Hong Kong, Taiwan, Japan, China, Singapore, USA, Australia, the United Kingdom, Germany and other European countries.
According to Q3 2019 data recently released by the National Property Information Centre (NAPIC), the Malaysian House Pricing Index (MHPI) for Penang was 197.1 (up 1.9 points from 195.2 in Q2 2019).
Penang is ranked below Johor, Selangor and KL among other selected states. Hence, property prices are still holding up.
A September 2019 New Straits Times article stated that according to NAPIC, the property overhang in Penang for all types of housing decreased to about 3,500 units in 2019 and 2018 from more than 3,900 units in 2017. High-rise units (i.e. condos, service residences etc) accounted for about 60% of this figure.
Despite the current market condition, local portal iProperty.com expects the overhang of residential properties in Penang to ease within the next two to three years.