There is a growing interest from China investors in the northern state's properties, targeting Penang as a good choice for potential second homes and long-term investment purposes.
“It used to be Australia and Johor that attracted their interests, but now it is Penang. We see more Chinese investors turning up at property fairs in Penang,” Zeon Properties chief executive officer Leon Lee says.
“Their interest in the residential segment surged after GE14. They are looking to buy for investment purposes and for their own use. Some want to buy for their children to stay while studying in Penang,” Lee added.
According to the Credit Suisse Global Wealth 2016 report, there are approximately 1.6 million US dollar millionaires in China. They play a major role when it comes to the purchasing of international properties.
“The shift to Penang started in the first quarter of this year,” says Lee, who travels to Beijing and Shanghai regularly to give talks on Penang's property market.
He added that since the political uncertainties in the country have been cleared, it is a realistic vision for the northern state to draw numerous property investments from China, as the residential properties are competitively priced.