Residential property prices in Penang soared by more than 25 percent over the past five years, driven by the country's land scarcity and the rising number of tourist and foreign retirees. Moreover, pre-war houses have been snapped up by mostly non-Penangites, which are later transformed into either boutique hotels or preserved for their architectural beauty.
Home prices have surged 30 percent from approximately RM500,000 in 2007 to RM800,000 nowadays. Michael Geh, Director of Raine & Horne Malaysia said that areas including Gurney Drive, Tanjung Bungah, Pulau Tikus, Tanjung Tokong and adjacent residential properties had the sharpest price increase of more than 25 percent per condominium units. Other areas with at least 25 percent increase in prices of condominium units in Gurney Drive and Batu Ferringhi, Tanjung Bungah are priced from RM2 million for a 1,000 sq ft unit.
Moreover, pre-war houses have been snapped up by mostly non-Penangites, which are later transformed into either boutique hotels or preserved for their architectural beauty. Home prices have surged 30 percent from approximately RM500,000 in 2007 to RM800,000 nowadays.
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