Penang was the place I started my career and stayed for 15 years. I still own properties in Penang till today and the biggest reason for me whenever I share with people about Penang is this fact. Penang has it all.
One can be a senior manager in a world renowned multi-national company based in Bayan Lepas and earns a good salary while at the same time have access to the beach at Batu Ferringhi, stays in a high-rise unit of 1,500 sq ft with a sea view (yes, sea view and huge sized home is possible in Penang even today) and if ever needed, access to the world via Penang International Airport. I did not yet mention that good food is one major reason why people flock to Penang again and again. This is my reason.
Meanwhile, Penang has just received an award as the third best island in the world to retire in.
Article in therakyatpost.com Travel Awaits, a media site which targets travellers aged 50 and above has ranked Penang as the third best island in the world to live in. It loses out to just two islands, Mallorca in Spain and the island nation of Malta. The reason it has won this award include its appeal to foodies, with its plethora of food stalls, prominently found in the main city, George Town, as well as adventurers who like to hike, dive, and snorkel.
There are also some other islands in Asia on the list, Bali, Indonesia (9th), Koh Samui, Thailand (10th) and Phu Quoc, Vietnam (15th) In 2020, it’s reported by NST that the state was listed in the “11 Best Islands for Retirement Abroad” list by International Living. Please do read the full article here: Article in therakyatpost.com
Best island for retirement means great news for the property market?
The answer to this question is less clear even if it’s more to a Yes than a No. We can say that when everyone loves to stay in Penang, the demand for homes should continue to grow. Just need to note that just to be placed among the best islands to retire in does not mean we suddenly have a few thousand people moving to Penang every month yeah. Perhaps a few hundred every year makes more sense.
In other words, demand will continue but it will not be the main reason to push up property prices. By the way, you also do not want these foreigners to push up property prices suddenly as well. This will not benefit many locals who also need to buy a home too. When we read, then we do realise that prices can move up suddenly if the demand increases suddenly. If the salary could not keep up, many people would now be without a home. Nothing of such is happening in Penang. Enjoy it, Penang for retirement is a good choice, definitely.
Next suggested article: Whether landed or high rise, plenty of choices to choose from