When it comes to the Pearl of the Orient, Penang, many people have their opinions on affordable property. Some say affordable property is below RM400,000. Some say, nothing more than RM250,000. Today, let us look at properties available to you if you can only afford a property in Penang of just Rm250,000. For an easier explanation, below is a chart showing what is the monthly payment like for a RM250k home loan.
What is available for RM250,000 or lower? In Penang? Sure? Based on for sale listings in property guru.com.my, the results were too many to state but for projects which occur more than 5 times, I will list them here.
Mutiara Perdana apartment, Sri Wangsa apartment, Desa Permata, Desa Bayan, Vista Condominium, Taman Seri Sari (Sunshine Garden), Jelutong Park, BJ Court, Sri Impian, Villa Kejora, Sri Aman, Suria Vista, Tanjung Court, Azuria apartment, Jade View and even one which is over 1,000 sf – Taman Permai Kumbar.
I have been to majority of the projects listed when I was looking for my first home together with my wife. They are ok, some are cleaner, some have huge swimming pools, some need security card access but none are so run down that no one is staying there etc. Thus, if you are looking for a RM250,000 apartment / condo in Penang, don’t worry, there are still such choices in Penang and I think we can call these Penang affordable properties.
Oh yeah, for those looking for LANDED, there are also choices in mainland such as Machang Bubok, Butterworth and Bukit Minyak. Majority are terrace houses. However, for these, I have never viewed before.
My wife and I stayed in Villa Kejora for 4 years, swam in the pool once every few months, held BBQ parties and played ping pong no less than 50 times. I think we need to have the right expectations set unless we are multi-millionaires. 🙂 If you are in the midst of searching for your first home, happy searching. Remember, even if a RM250,000 apartment increase in price just 1% every 2 years, that’s RM104 per month. Still want to wait for price to reduce? Possibility is definitely there if there’s a worldwide recession but if you are renting, you are better off owning a place you call home.
Next suggested article: Penang Property Potential