Saturday, April 23, 2011

Jump in Penang Property Prices

Jump in Penang Property Prices

Yes, you hear me right! Penang Property prices recorded a huge jump last year according to a report by The Star. I would say that it is now almost impossible for average workers to purchase a landed property in Penang Island. What is happening now in Penang is also happening in many cities across Asia- namely in Singapore, Hong Kong, Beijing and Shanghai in China as well as in major cities in Taiwan such as Kaoshiung and Taipei.

Pudong Skyline in Shanghai, China
So will the trend continues?? Due to the record low interest rate in many Western countires, we have been seeing outflux of hot money from these countires to Asian markets since the subprime crisis in US back in 2008. The issue is whether this buying trend in major Asian cities by foreigners will continues in 2012??

I am not sure! I am not sure should the support by overseas buyers ceases in future, is it possible our property market in particular the Penang property market will continue to have the upward trend in 2012?

But I still strongly believe that without the support from local buyers, this bubbling prices of Penang property will soon come to a halt once the economies in the West recover! There won't be any susbtainibility of high Penang property prices if average Malaysians and in particular Penangites are getting very low wages as compared to their counterparts from Singapore, Taiwan or even China!


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