Let’s have a look at the trend of property searches in Penang. Here are the top 5 most searched areas by homebuyers.
We have shared Penang’s most popular residential areas and projects among homebuyers in part 1 as well as the most popular property types in part 2. In this part 3, we round up the property search trend in Penang for anyone looking for the next residential project deals. The search data is captured by iProperty.com.my’s big data solution, iPropertyiQ.com and these areas are presented in the form of percentage and in ascending order.
So, which township stole the show?
Percentage of searches: 5.3%
Butterworth is the main and the largest town in Seberang Perai (mainland). It is also the largest town by population within the Seberang Perai municipality. Seberang Perai is linked to Penang Island via the Penang bridge or ferry rides from the Butterworth Ferry Terminal. Not just that, the Butterworth KTM station is just 700m away from the ferry terminal. Butterworth also has many attractions and this could be one of the contributing factors for investors who were looking to maximise their properties’ potential on Airbnb. The median price of a property in this area is RM 330k.
Top residential projects in Butterworth:
4. Tanjong Tokong
Percentage of searches: 5.4%
Tanjong Tokong shares the same search percentage as Jelutong. Property prices in this area ranged from RM 130k to RM 15 mil and built-up sizes ranged from 500 sf to 19, 660 sf. One of the main contributors is its proximity to Georgetown. It is about 3km from the Georgetown city centre. On top of that, Tanjong Tokong is also swarmed with Airbnb rooms. Just like Georgetown, the search results could be due to investors looking to leverage on Airbnb services.
Top residential projects in Tanjong Tokong:
Percentage of searches: 5.4%
In Jelutong, property prices ranged from RM 160k to RM 116 mil and built-up sizes ranged from 400 sf to 7, 900 sf. Also, it is one of the areas in Penang that has been targeted for the development of the People’s Housing Project (PPR). Last year, the state Housing, Local Government and Urban and Rural Development Committee announced that 1,000 People’s Housing Project (PPR) houses will be built in Jelutong to help low-income families own homes. Jelutong is located in the suburb of Georgetown and this could drive up interest among property hunters seeking potential homes in the area.
Top residential projects in Jelutong:
- Desa Pinang 2
- Rumah Pangsa MPPP
- Island Glades
2. Bayan Lepas
Percentage of searches: 7.5%
Next is Bayan Lepas. The prices ranged from RM 105k to RM 8.8 mil while the built-up sizes ranged from 400 sf to 22, 330 sf. The area is also famous for the Bayan Lepas Free Trade Zone (FTZ), Penang International Airport and Queensbay Mall. On top of that, the FTZ has led to job opportunities and numerous projects over the years. Many hotels and mixed development projects like condominiums and serviced apartments have taken place, but their prices are mostly out of range. Bayan Lepas also has various tourist attractions like the War Museum and Snake Temple, which could be another contributing factor.
Top residential projects in Bayan Lepas:
1. The winner: Georgetown
Percentage of searches: 8.1%
Georgetown is the most searched area by homebuyers. Based on iProperty.com.my, property prices in this area ranged from RM 135k to RM 46 mil with built-up sizes ranging from 400 sf to 10, 000 sf. One of the main contributing factors could be investors looking to leverage Airbnb services around the Georgetown area. On top of that, overseas property investors from China, Hong Kong, and Singapore looking for long-term investments and second homes are another factor, despite their hefty price tags. This could also be due to the interest in high-rise properties near the sea.
Top residential projects in Georgetown:
The Penang property market is expected to remain flat in 2019. This is based on factors like supply-demand imbalances (mainly high-rise projects), affordability and rise in the cost of living, as well as the challenging outlook for the global and domestic economy. According to the National Property Information Centre, there are 2, 200 high-rise overhang units. This is caused by the abundance of the unsold apartment and condominium units due to low demand.
Nevertheless, the overhang of residential properties in Penang is expected to ease within the next two to three years. The Penang Real Estate and Housing Developers’ Association Malaysia (REHDA) announced that the 2019 budget is addressing the state’s property overhang issue through the National Home Ownership Campaign (HOC). Among the properties showcased in HOC are in Balik Pulau, Teluk Kumbar, Georgetown and Jelutong. The Penang Transport Master Plan will also enhance Penang’s property market in the future as it is expected to improve connectivity.
Note: Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.