Penang is known as the Silicon Valley of the East for the manufacturing boom in Bayan Lepas Free Industrial Zone, and also has significantly preserved its green cover in national parks and hills. If it is described as the biggest economic success by Bloomberg, the state also houses assets listed as World Heritage Sites by UNESCO. It is difficult to find such a unique combination of urban and traditional characteristics at the same location. Owning a property in Penang, is, however, surprisingly affordable and you can comfortably lead a peaceful city life here.
Uniformity in standards of living and economic status
You have the colonial lifestyle living in perfect coordination with the single bedroom apartments in the nearest suburb. Like any other developed civilization, the cash you have to roll out for purchasing a home in Penang is influenced by distinct demarcations of the property itself, with some contribution from the geography and demography.
The same price can fetch you a villa, apartment or a condo, but they differ in the amenities.
Take a case in the capital city, offering the best in everything except for the quietest locality. In RM 1 million, you get a decently made condo with three bedrooms, but for a terraced house with the same three bedrooms, it might cost you more than RM 2.5 million. If you find Homes For Sale in Penang at around RM 1 million, including facilities like nearby shopping centers, educational and medical institutions, conveyance etc, the same amount fetches you houses in the suburb with increased luxuries like swimming pools, nearby beaches, waterfronts, and even a yacht anchoring house.
Resorts along the beaches increase in cost proportionally with the tourism development in and around the beach and their connectivity to the city center. If semi-detached resort villas in Batu Ferringhi suburb are priced above RM 3 million, villas with gated communities are easily available within RM 3 million a little further from the main beach.
The two sides of the peninsular state offer some shift in prices too
The Penang Island side of the strait is a bit expensive for purchasing houses, probably because it started off early for spreading urbanization from George Town. The purchase limits are also higher, making you raise your budget. Seberang Perai might provide you more options on the housing front by considering the cash cost. If you have to pay RM 3 million for a bungalow on the island, you can get a well-built landed property in RM 1 million in the mainland. Condos are priced even at a lesser range, almost half, for the same standard and both the parts are comparable in terms of economic standard, lifestyle facilities, tourism, and scenic attractions.
Housing decisions are comparatively easier in the state if you are confident about the budget and the amenities under consideration because almost all of the residential neighborhoods here are supplied with the best of the infrastructure for a lifestyle matching the uniform standard of the state with the economic powerhouse.