The Penang property market is likely to remain flat this year, says iProperty.com Malaysia Sdn Bhd general manager David Mawer.

Mawer said factors like supply-demand imbalances of mainly high-rise projects, affordability and rise in living cost are expected to affect market.

Other factors include the challenging outlook for the global and local economies.

According to the National Property Information Centre, there are 2,200 high-rise overhang units with an abundance of unsold apartment and condominium units in Penang due to poor demand.

Despite the current market condition, Mawer said iProperty.com expects the overhang of residential properties in Penang to ease within the next two to three years.

Favourite property types

The Penang Real Estate and Housing Developers’ Association Malaysia (Rehda) had said that the 2019 Budget was addressing the state’s property overhang issue through the National Home Ownership Campaign (HOC).

Among the properties showcased in HOC are in Balik Pulau, Teluk Kumbar, George Town and Jelutong.

Mawer believes the Penang Transport Master Plan will also enhance Penang’s property market in the future as it is expected to improve connectivity.

“In line with consumers’ demand, more affordable housing units will be built in Penang, especially in Gelugor, Teluk Kumbar, Balik Pulau and Jelutong,” he said.

Interest in many PROPERTY types

Mawer said Penang house buyers continue to look at various types of housing.

iProperty.com has mapped down the popular property types that buyers and potential buyers could afford.

In a nutshell, the most popular built-up size for buyers ranges from 901 sq ft to 1,500 sq ft.

In terms of price point, they range from RM201,000 to RM350,000.

The majority of potential buyers searched for condominium units or serviced residences.

Continue reading Part 2 of this article here.