Tempt Of Penang Sees Spike In Property Prices

Tempt of Penang sees spike in property prices

by

iquince

There has been seen significant shortage of land in Penang for investing due to the high demand of property on the island. Also, Penang s tempt as a traveler destination plus a future home for overseas retirees have been the actual reason to soar residential property prices by over 25% in comparison to the prices that were offered past five years.

According to value estimation professionals in Penang real estate, the prices of property in Penang are the highest within Malaysia. This is the reason that has facilitated the Consumers Association of Penang to claim that only the wealthy can live on the island to enjoy the atmosphere of a world heritage city.

A study conducted by The Star made known that

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apartment penang

, particularly in Tanjung Bungah, Batu Ferringhi, and Gurney Drive which are located in the front of the sea are being put up for sale for all investors at exorbitant prices, in some cases starting with rates of about RM2mil for a 1,000 sq ft unit.

Pre-war houses located in the inside city, for instance, in Campbell Street have been taken up chiefly by foreign investors, who have curved them to boutique hotels or just reserved them as it is, because of their architectural splendor. The value of such houses have shoot up from approximately RM500,000 in the year 2007 to about RM800,000 in the present time showing an increase of almost 30%.

The affordably priced housing plans in George Town, vicinity of Burmah Road, Perak Road, Jelutong Road, Sungai Pinang and MacCallum Street have not been secured. This can be said because these places have observed more than 25% rise in prices in comparison to the past five years. An apartment Penang located in such an area priced RM180, 000 in 2007 whereas now is RM250, 000.

The observers said the mount in

penang property

prices had been the only reason to drive several people from different parts of the world to purchase residential property in Seberang Prai area, where land prices are at the third place, all over the island.

With this, it has also been seen that great increase has taken place in the mainland areas, which can be shown true by observing the today\\’s price of apartments in Butterworth town which is RM250, 000 in comparison to RM180, 000 which was five years back. Same ways, the terrace houses that were priced at RM300, 000 in 2007 is not available for RM500, 000.

Thus, one thing can be surely said that all areas whether positioned around the sea or even inside the main city are experiencing high rise in the price property in Penang. If you wish to relax in a beautiful house on this amazing island then don t waste any more time and invest in right today to obtain reasonable prices rather than waiting for a few more years, when the price will rise so high that it would be really difficult to obtain even a small piece of land in Penang and fulfill the dream of living here. The property in Penang will always remain in demand and at the same time the prices of the land will continue to grow higher and higher because of the non-stop and tremendously growing demand of investors from different parts of the world.

One fact about properties in Malaysia that has been hyped since long is the high price of properties here. But, in reality the homes in Malaysia are not as expensive as they are in the other neighboring Asian countries. When compared with cities like Singapore, Kuala Lumpur, Hong Kong, Bangkok and Ho Chi Minh City, the average property prices here indicate that buying properties in Malaysia is much affordable and attractive comparatively. There has been a considerable rise in property prices in the Asian continent much explained due to the globalization process. But, comparing it with all, Malaysia still seems to be the affordable property destination in Asia.

The author J nanthan is an expert in property Malaysia and works with http://www.srishanbid.com to assist with buying and selling of Property for sale. SriShanBid as a leading property company can help anyone in buying property at best possible deals.

Article Source:

ArticleRich.com

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