The health pandemic may not be over yet, but it doesn’t appear to affect property prices in Penang. Some of the island’s districts are seeing some healthy growth in asking prices.
According to the PropertyGuru Property Market Index (PMI) Q3 2021, the end of Q2 2021 has seen an increase of 0.95% in Quarter on Quarter (QoQ) asking prices. This surge is the first upward tick since Q4 2018.
It’s no wonder why, then, the Penang State Government is confident that developers can create more housing units on the island.
Below are Penang’s top four districts with the highest increased asking prices.
1) Timor Laut
Located on the northeastern half of Penang, Timor Laut is known for its clusters of major tourist attractions such as the Penang Botanical Gardens, the famed Kek Lok Si Temple, and the island’s tallest peak known simply as Penang Hill.
Paya Terubong and Batu Uban are two of the PMI Q3 2021’s top Penang areas within this district, with the biggest QoQ percentage increase in asking prices.
So, in short, why is Timor Laut a good place for homeowners to set their roots? Property agent Kenneth Kung of Get One Property says, “Available land in Penang is limited. But one of the highlights of looking for a property in Timor Laut, particularly in Tanjung Tokong, is that you can find landed properties with beautiful views of the Andaman Sea.”
Timor Laut’s perimeters are, in relation, very free and accommodating for homeowners with its available properties right now.”
Another factor that plays into this district’s desirability is simpler: Food. “People who live on the island are generally food lovers; tourists aren’t the only ones. Timor Laut is convenient in this sense, as it hosts many well-known eateries that are highly buzzed-about,” Kung added.
2) Georgetown
There cannot be a list of Penang’s greatest postcodes without Georgetown on it. After all, it is Penang’s historically revered capital city with a rich melting pot culture, and architectural styles that are equal parts Malay, Chinese, Indian, and British colonial influences.
As a UNESCO World Heritage Site, Georgetown is a major attraction for homeowners with a flair for cultured convenience.
It contains major healthcare facilities, public transport stations, and educational institutions, while centralising Penang’s thriving arts and culture scenes.
“The location hosts many revamped old heritage homes, including pre-war houses and shop lot units that are unique and incredibly lived-in.
Each comes with its extraordinary design and historical background. These homes are rare and hard to find, let alone put your name on, in other Malaysian states except maybe Malacca,” Kung said.
“When considering a home in Georgetown, you must envision the cultural expressions you would like to weave into, and take from its environment. You will know a space here is right for you, when you can visualise yourself living and creating personalised memories in it.”
Of course, if you’re into modern Georgetown living, check out the following hot developments: Tropicana 218 Macalister, Gurney Park, and more.
3) Butterworth
Butterworth is a great place to live a life of conscious balance. Think family-friendly homes surrounded by gorgeous views of the sea from Bersih Beach, eclectic street art, and deeper extensions of the island’s intense food cultures.
These properties are as affordable as they are unassumingly attractive and well-built. But what’s more, they are often located nearby the Penang Sentral transport hub, with many lined up along the Butterworth-Johor Bahru KTM line.
As such, you can easily enter and exit Penang via car, bus services, trains, and other local and international transit modes when you live here.
“This district is versatile in that it can cater to many homeowners of different backgrounds. But perhaps the ones that will benefit most from living here are the frequent travellers who also want a home to return to, after every journey out,” Kung said.
4) Bayan Lepas
Bayan Lepas is located southwest of Penang, where homeowners seek refuge in the island’s flora and fauna. Among its famed landmarks is the Snake Temple, where you can find various genii of vipers, pythons, and cobras.
The demand for homes in Bayan Lepas has steadily increased even before the pandemic, right back to the Bayan Lepas Free Industrial Zone in the 1970s.
While its nature-focused environment remains lush and preserved, the area has seen residential townships, schools, malls, and healthcare institutions cropping up for the convenience of residents.
Bayan Lepas is a versatile place to live for many people, whether they are new to Penang or have lived here for a long time.
But the region is especially great for families who want to live structured lives around their love of tropical nature.
Get Your Dream Home In Penang’s Most In-Demand Neighbourhoods
All four Penang districts have their unique charm and characteristics that are attracting homebuyers despite the pandemic. For more details on their increasing asking prices, check out our PMI Q3 2021.
But what if you’re interested in specifically Georgetown? Then go through these twenty existing heritage properties in town, each handpicked just for you.
If you’re keener to invest outside of these districts, then consider these two Penang areas that come with the highest property appreciation rate.
Ready to find your dream home in any of these places? Discover your options with these available listings!
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