Penang property market. Read on if you love Penang properties too.
I remembered that day I went for an interview with a Japanese multinational company in Penang way back in 1998. The only time I was in Penang before this career starting interview had always been for holidays. It never occurred to me that I would be working there one day. It was in July 1998 and jobs were few because Malaysia was still in a recovery after the ASEAN Financial crisis. To cut the story short, out of the 200 plus applications, 20 were called for interview at a 5-star hotel and 2 were hired. I was one of the two.
It was a great experience and I stayed in the Japanese MNC for 4 years. As for Penang, I stayed, worked and enjoyed my stay there for 15 years. Today, I am based in KL and has been here for the last 8 years. Every time I read any news about Penang, especially when it is about the property market (yes, I still have properties there) and the comments came from my good friend the Past President of FIABCI Malaysia, Michael Geh. Every time I have coffee with him, I learn new things. Wondering when is the next session.
Article in nst.com.my. Raine & Horne International Zaki + Partners Sdn Bhd Senior partner Michael Geh is upbeat on Penang’s property market outlook, given the astounding transaction of 3,446 residential property units worth RM1.3 billion in the third quarter (Q3) of last year.
He also shared that this trend will continue as the property market sentiment in Penang is boosted by current low interest rates, good portfolio of affordable housing, Real Property Gains Tax (RPGT) exemption, as well as upcoming developments such as the Penang Transport Master Plan (PTMP).
He said, “We believe Q4 figures will be higher than Q3 because the market presents a good opportunity for first time homebuyers to invest, especially with the overnight policy rate (OPR) currently at its lowest level of 1.75 per cent.” Article in nst.com.my
Three important points for property market Penang
The interest for residential property remains strong with 3,446 units transacted just within Q3 2020. There are also many other supporting factors including low interest rates, RPGT exemptions and even the PTMP. The expectation of a better Q4 in terms of property transaction showed resilience in demand for property in Penang. This is said to be boosted further by the very low interest rate currently. However, I think we should buy for own stay versus for investment instead. Then it will be way safer for our investment.
If you also have the same thoughts about Penang like Michael Geh, then perhaps it is time to call your friendly neighbourhood real estate negotiator and start viewing yeah. Take care and of yeah, remember to register for the COVID-19 vaccinations yeah. Just need to use your MySejahtera app.
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