Property Investment


 George Town is unique, a blend of the old and the new in a melting pot that is acclaimed by ECA International as the most livable city in Asia, on par with Kuala Lumpur. In addition, the city, which has received World Heritage status from UNESCO, is praised of being one of the ’10 Islands to Explore Before You Die’ by Yahoo! Travel.

 

With such accolades, George Town, the capital of Penang, has put the state on the world map. But Penang is not just about George Town, about heritage, as they are just the tip of the iceberg; what draws the likes of tourists, perceptive property investors, even international celebrities to invest in the island state is its tropical geography, its culture, slower pace of life, peace and security, low living cost, well-built amenities, comprehensive medical and educational infrastructures, a conducive business environment, and many other seemingly incongruent elements that when combined, makes Penang an irresistible destination for investment.

 

At the property front, Penang ranks above Kuala Lumpur in the Malaysian My 2nd Home (MM2H) programme as the second most attractive destination for foreign retirees after Sabah. Though this has boosted the price bracket of Penang properties, but it is still relatively low compare to other cities in Asia, with an annual growth of 4.21 per cent, again second only to Sabah. With a growth margin of at least another 20 to 30 per cent, there is plenty of room for property appreciation.

 

As Penang marches towards the goal to become an international metropolis, many premier property developers are descending upon the state with iconic and prestigious property developments.

 

But contemporary designs are not the only sight: with the UNESCO heritage status of George Town comes a revitalization of the once dilapidated inner city, with available pre-war properties snapped up by keen investors from as close as Singapore to as far as Sweden. These assets were then converted into cafes and boutique hotels and other businesses, injecting new lease of life to the once quiet inner city.

 

With such popularity, property analysts believe there is a lot more room for growth for properties within the core and buffer zone of George Town, some as much as twice the present value within five years. Coupled with new property developments within the state, Penang has much to offer in terms of growth potential and return of investments.

 

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