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KUALA LUMPUR: Property buying trends in Penang may see a movement away from high-end to medium-priced properties, said Penang's chief minister, Lim Guan Eng.
This assertion was based on the volume of real estate transaction, which grew from 22,323 units as of 2008 to 22,724 units by 2009, but the transaction value decreased from RM7.27 million in 2008 to RM6.53 million in 2009.
"(The transaction value) marking a decrease of 10.2% as compared to the national average of 8.3% decrease," he said in his keynote luncheon address at the 13th National Housing and Property Summit.
He said that the higher decrease in transaction value of Penang properties as compared to the national average shows that property values in the Penang is "generally still affordable in comparison to national trends".
Lim said that the trend towards medium-price range properties may enable young professionals "in their first working decade" to own property.
In a separate matter, he said that Penang's property development needed to brand itself to be synonymous with quality, reliability, safety, sustainability, integrity and affordability.
He said that the number one question on the land-scarce Penang is whether Penang properties could be priced at a range that is affordable
to middle-class Penangites and young working professionals.
"One way to begin addressing some of these areas of challenges is related to the framework and outside factors -- administrative and policy areas that may be revamped to bring back a better sense of balance and sustainable development for Penang's housing sector," he said.
Lim added that it was important for Penang to have sustainable growth that allows equal development for all, "especially the poor to have equitable access".
He said that a revamp of real estate policy and its implementation would allow the sector to introduced a balance of price ranges, options and the meeting of housing needs for "ordinary people who are less wealthy-investors and developer centric".
Lim added that a revamped and coherent housing development plan for further development projects may be needed to steer Penang in the right
direction for the property sector.
"Beyond that, land reclamantion is necessary to overcome land scarcity. Penang needs to begin looking at development paradigms for the future," he said.
This assertion was based on the volume of real estate transaction, which grew from 22,323 units as of 2008 to 22,724 units by 2009, but the transaction value decreased from RM7.27 million in 2008 to RM6.53 million in 2009.
"(The transaction value) marking a decrease of 10.2% as compared to the national average of 8.3% decrease," he said in his keynote luncheon address at the 13th National Housing and Property Summit.
He said that the higher decrease in transaction value of Penang properties as compared to the national average shows that property values in the Penang is "generally still affordable in comparison to national trends".
Lim said that the trend towards medium-price range properties may enable young professionals "in their first working decade" to own property.
In a separate matter, he said that Penang's property development needed to brand itself to be synonymous with quality, reliability, safety, sustainability, integrity and affordability.
He said that the number one question on the land-scarce Penang is whether Penang properties could be priced at a range that is affordable
to middle-class Penangites and young working professionals.
"One way to begin addressing some of these areas of challenges is related to the framework and outside factors -- administrative and policy areas that may be revamped to bring back a better sense of balance and sustainable development for Penang's housing sector," he said.
Lim added that it was important for Penang to have sustainable growth that allows equal development for all, "especially the poor to have equitable access".
He said that a revamp of real estate policy and its implementation would allow the sector to introduced a balance of price ranges, options and the meeting of housing needs for "ordinary people who are less wealthy-investors and developer centric".
Lim added that a revamped and coherent housing development plan for further development projects may be needed to steer Penang in the right
direction for the property sector.
"Beyond that, land reclamantion is necessary to overcome land scarcity. Penang needs to begin looking at development paradigms for the future," he said.
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