Penang real estate market is strong despite the “unsold houses”
Despite the increase rise in “unsold houses” in Malaysia’s Penang region, the property market was not affected negatively.
The local government, housing development town and country planning committee chairman Jagdeep Singh Deo made a press conference today. Deo says The rise in “unsold houses” in Penang will not adversely affect the property market here.
He says “The market is very strong despite reports of overhang units throughout the whole country.”
In 2017, Penang had 2,271 unsold units; this increased by 990 to 3,261 units in 2018.
“We hope that in 2019, we will see more federal-initiated affordable housing programmes and measures for first-time home buyers,” he said.
He said the Penang state government has surpassed its election pledge to build 76,000 units of affordable housing in the next five years.
“To date, we have built 97,000 units of affordable housing which surpassed our pledge and I’m sure by 2019, we will build beyond 100,000 units,” he said.
Sevdenur Demir / realestatecoulisse.com
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