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By Kenny Teng Khoon Hock

 

GEORGE TOWN  (Bernama) -- The property market in Penang is known to be among the most expensive in the country, with prices having soared over the years despite various cooling measures implemented by the authorities.

Recently, there have been signs of property prices stabilising and the state has even reported property overhang.

Since 2014, the Penang government has stepped up the development of affordable housing projects and has also imposed various measures in its attempts to keep property prices under control. 

Among the locations in Penang considered as prime are Gurney Drive, Tanjong Tokong and Batu Ferringhi, where properties are beyond the reach of the local people as most of them are priced at above RM800 per square foot.

Factors that have contributed to the rise of Penang property prices include speculation, shortage of land on the island, increase in the cost of building materials and an influx of foreign buyers which is partly due to the weak ringgit.