One of the most common question asked here is the current market value of a property in Penang. Certainly, it is everyone’s dream that their property value gain a measurable appreciation.
Property market value can be interpreted very differently depending on the specific market you’re discussing. Each house is unique and its prices may varies based on the exact location, road number, house number, house direction, neighbors and etc. One’s house may be able to sell at a much higher premium than the next door just because the house number is 8. Whereas a house facing junction may have to be sold at a discounted rate.
In reality, highest and lowest transacted prices are generally viewed as alternate expressions of a market value. A buyer would usually refer to the lower transacted price as a bargain whereas the seller would choose the higher ones to close the deal.
Instead of showing statistic from NAPIC, which most of you may be familiar with; I have solicited some actual transacted data for both Island and Mainland from reliable sources. Hopefully this will shed some lights for those who has been very curious on property transacted in Penang.
*These transaction were randomly picked, thus they neither reflect highest nor lowest transacted prices.
– Ken Lim
(Founder and Principal Reviewer, PenangPropertyTalk.com)