Penang’s housing affordability issues could soon be a thing of the past should a new housing board come into existence. One thing is certain: It will take the efficient implementation of systematic, holistic policies to allow middle income groups greater access to affordable housing.
Average house prices in Penang have increased 50% in the last five years, with even bigger rises seen on the island, particularly in the island’s north-east region where the average condominium is now RM450,000, 82% higher than five years ago.
The island is now almost three times more expensive than the mainland, and the gap in prices has been getting wider since 2006. Astronomical price increases on the island have distracted attention away from the price rises on the mainland, where certain property types have also gone up significantly in value.
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