Will Penang Property Price Continues to Shoot Up?

Nowadays, the property price in Penang Island is far beyond the normal working adult can afford. We also know that lowering down the house price is not going to happen in Penang due to the building construction cost and the land cost has been increased tremendously recently.

penang property price

Land is definitely limited on the island and when there’s still lack of control of foreigner’s investment. Then, what we will get is the property price keep on shooting up uncontrollably which in the end middle income group will not be able to buy any house in Penang.

However, it’s advisable to be realistic on what we can afford. If you are just an average working class and just wish to keep a secured job and not taking much risk, then try not aiming to move into the multi-million condos in gurney or bungalows at Bukit Jambul. You can try to look at developed countries like Singapore, Hong Kong, Tokyo etc. Who lives in landed properties? Only rich people will do. But, not working class. So, the most important is you can live comfortably and without any financial burden.

I think it would be better if Penang government can concentrate on the effect of having expensive housing prices and think out what should do next. Besides that, the government should encourage more development in the mainland as there’s a big difference in prices between houses in island and mainland. It can be done by reducing the Penang toll, minimizing traffic congestion on the bridge or providing incentives for developers to build more houses in the mainland. This subsequently can balance out the property price in island and mainland.

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