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Penang property vs Hong Kong property

Posted in China and Hong Kong Property related, and Property Penang

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. 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.

HKlowhongkonghigh

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.

 

Suggested next article:  Penang properties around RM250k

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6 Comments

  1. Crystal Teh
    Crystal Teh

    Hong Kong living expenses definitely highest than Penang and KL. How graceful we live at Malaysia *^▁^*

    Hong Kong will be nice place for travel but not for working or retire. It’s stressful city that lead to high suicide rate.

    For those watch TVB drama will notice that the artist background with low income, their house seen nicer which incompatible with their income was misleading audiences. I have a friend who is Hong Kong resident work as executive level, his salary about HKD 40k unable afford to buy a house. According to him, a car park cost about RM80k.

    If in future our property pricing like Hong Kong, for those hold the property, gain big profits. For those on the way to buy property will be difficult. So, we should get the property asap before the pricing keep increasing, right? *^▁^*

    December 8, 2013
    |Reply
    • Car park is RM80k because if you rent a car park, it’s around RM5K per month. A HK friend once told me that in her first home, when they play mah jong, one person has to sit right in front of the toilet or else they have not enough space to play mah jong.

      December 8, 2013
      |Reply
  2. Crystal Teh
    Crystal Teh

    Buy a car park rather than rent it. We count this way, car park rental RM80k / RM5k = 16 months. It take 16 months to get back the capital. However, big issue is, less availability on car park to purchase 😛

    After compare our current property trend with Hong Kong, isn’t feel that we are “xin fu” (blessed) 😀

    December 8, 2013
    |Reply
    • I love penang much more for sure if compared to Hong kong

      December 8, 2013
      |Reply
  3. Crystal Teh
    Crystal Teh

    Me too. Hong Kong for my view is good for travel to see how advance is their country. Other than that such as stay permanent or working there, not a good consideration.

    December 8, 2013
    |Reply
    • your view is exactly the same as mine.

      December 8, 2013
      |Reply

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