Buying a property in Penang
is a great idea as Penang offers a great quality of life. But an important question remains: where exactly should you buy/invest, on the Island or the Mainland? The question has been one of the most intensely debated topics in Penang.
Island versus Mainland
Penang Island is a popular place to invest, especially for foreign buyers because there are upscale shopping malls, beautiful tourists spots, amazing beaches and great food.
Penang residential property on the island is rather expensive, for example, a decent condominium unit with 1000sf can fetch as much as RM500,000 to RM1 million.
Some of the top locations on Penang Island are Georgetown, Seri Tanjung Pinang, Tanjung Tokong and Gurney Drive. The Penang Island Residential Properties in these areas are usually at least 30 percent more expensive than similar properties within the Island.
For instance, in Georgetown, you can easily find a 3-bedroom condo unit for RM1.5 million. As you can see, Penang property prices are relatively cheap when compared with many other places in Asia like Singapore or Hong Kong, but rather high for Malaysia standard.
In the last couple of years, the mainland of Penang has become a more popular place to invest on new residential properties, because it is an affordable alternative for those who cannot afford a land in the island.
A great alternative location to invest on Penang property developments is Butterworth, the principal city of Seberang Perai.
As property prices are increasing on the island, many investors look for opportunities here. Not only the prices of new housing developments are cheaper, the minimum investment is lower.
For example, you can find a 3-bedroom condo unit with 2 complete bathrooms starting as low as RM500,000. Other popular places in mainland are Perai, Sebarang Jaya and Bukit Mertajam.
However, things are changing, since many developers are now focusing more on the mainland. In fact, strategic locations in the mainland are no longer cheap. For example, certain new housing developments in Penang Mainland have a starting price of around RM600,000.
Penang Island is a densely populated place in comparison to Penang Mainland, which has much more space for property development. When you travel from Penang Island to Penang Mainland, you will definitely notice the difference.
If you are planning to invest on Penang, make sure you are up to date with the latest property developments. New housing developments in Penang
have multi tiered security systems, a lot of facilities, like pools, gym, playground, etc. and fiber optic cabling buried out of sight.
The following are some of the advice you can use before purchasing a property in Penang:
- Use Property Portals: This way you can compare different Penang residential developments without effortlessly, and give you a good idea on where to start.
- Get a Real Estate Agent: It’s a good idea to have someone that can guide you along every step/process, especially to understand all the legal procedures.
- Location: Penang is an ideal location, but you’ll need to find a good neighborhood, with easy access to school, entertainment, supermarkets, work, etc.
- Stick to your budget: When searching for new housing developments, you will come across dream homes that are beyond your budget. Remember how much money you can invest without draining your bank account. This includes other expenses like taxes and legal fees.
Penang is an amazing place to reside because you will experience a great quality of life with good medical care, excellent local food and a great weather. In addition, the place is no stranger to foreigners and out of towners.
So good luck getting your dream home, and we wish you all the best.