New residential projects on Penang Island seem priced to suit either the rich or the poor. Finding an affordable home on the island is becoming impossible for those in the middle income bracket, especially those who are single. Are wealthy foreigners to blame, or greedy developers, or outmoded guidelines? Or are Penangites simply spoiled?
Property prices in Penang have skyrocketed in recent years, particularly in the northeastern region of the island, and young Penangites now face the prospect of renting, or finding a home much further away. Even the middle class, the supposed drivers of Penang’s “knowledge economy”, are being priced out of the island.
