Yesterday my friend who’s a manager with an insurance company asked, ‘do you think Penang property prices will be like Hong Kong in the future?’ I seriously DO NOT think so but it gave me an idea to just do some homework and share with everyone. We often see TVB serials where the typical family lives in an apartment. Do you want to know what’s the prices like for these families? I have done a little search in the famous real estate magazine which now has its own website, Squarefoot. http://www.squarefoot.com.hk Size selected is 500-700 sq ft. Only apartments. We will look at both the LOWEST and the HIGHEST. Look at the areas stated, some of them you know from the serials as very low end areas. For the highest, typically, we are talking about sea views and exclusivity.
So, do you think Penang property prices will reach Hong Kong levels? No one knows but I give you three more statistics for your knowledge. Hong has 7.1 million population versus Penang at 1.6 million. Hong Kong is one of the top financial hubs of the world and Penang does not even have even one HQ for any regional banks. Average salary for Hong Kong workers are HK22K or RM9,166. Average income for Penangites is between RM3,531 to RM4,407 as at June 2012. When you look at the overall, it seems clear that the potential is there. In fact, based on just statistics alone, Penangites seem to be living better with their current average pay versus the average HK worker.
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