Here are the property types in Penang that homebuyers could afford and what potential buyers searched for.
In Part 1, we have shared the most popular residential areas and projects in Penang. This time around, we have mapped down the popular property types that homebuyers and potential buyers could afford.
Let’s get rolling!
- The most popular built-up size for homebuyers ranges from 901 sf to 1, 500 sf.
- The most popular price tag among homebuyers ranges from RM 201k to RM 350k.
- Majority of potential buyers searched for condominiums or serviced residences.
1. What are the popular built-up sizes (SF) among homebuyers?
500 sf – 900 sf
Nearly 50% of buyers preferred houses ranging from 500 sf to 900 sf. These properties comprised of flats, studios, 2 or 3 -bedroom condominiums or serviced residences and apartments. Based on our listings at iProperty.com.my, the prices ranged from RM 34 k to RM 1.3 mil. These are the auctions, sub-sales and new launch properties.
901 sf – 1, 500 sf
This is the WINNER! More than 50% of purchasers in 2018 bought houses with built-up sizes ranging from 901 sf to 1, 500 sf. This is the standard built-up size for a 3-bedroom and 2-bathroom family home. These properties are mainly terrace houses and condominiums or serviced residences.
1, 501 sf – 2, 000 sf
Only 1% of houses ranging from 1, 501 sf to 2, 000 sf were purchased in Penang. The percentage is small due to the high price tags. These are terrace houses, Semi-D, and luxury condominiums or serviced residences. The condominiums or serviced residences that are within this built-up sizes come with 3+1 bedrooms and 3 bathrooms.
2. How much could homebuyers afford in Penang?
More than 50% of purchased houses were at prices ranging from RM 201K to RM 350K. Another 15% of purchased houses at prices from RM 351K to RM 500K, while 13% of purchased houses had price tags of more than RM 501K. Thus, the actual sales tally with the rakyat’s affordability.
Based on the latest household median income by the Department of Statistics Malaysia, the average Penangite earns RM 5, 409. Considering the 70% Debt Service Ratio (DSR) rule, one could only afford a monthly instalment not exceeding RM 1, 600 for a home costing RM 350k.
Here are the top 5 residential projects with median prices less than RM 350k:
3. What property types did potential buyers search for in Penang?
Here are the property types searched for by potential buyers in 2018. More than 50% searched for condominiums or serviced residences. 20% were searching for apartments or flats. Based on our listings on iProperty.com.my, prices of condominiums and serviced residences ranged from RM 160k to RM 12.5 mil, while apartments and flats ranged from RM 35k to RM 14 mil.
This is followed by the terrace, link, and townhouses (15%), bungalows and semi-D (9%), while the remaining 3% of potential buyers searched for residential land. The price tags for the terrace, link and townhouses ranged from RM 170k to RM 15 mil, whereas bungalows and semi-D ranged from RM 180k to RM 60 mil. These properties comprised of new launches, sub-sales, auction properties, and residential land.
New launches in the whole of Penang ranges from RM 500k up to RM 8.4 mil, while the sub-sale price ranges from Rm 300k to RM 7.5 mil.
In Part 3, we will be sharing the top searched areas by Penang homebuyers and potential buyers. Don’t miss out if you are keen to know the top 5 most searched areas by Penang homebuyers and what they have to offer.
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.