Residential property prices in Penang soared by more than 25 percent over the past five years, driven by the country's land scarcity and the rising number of tourist and foreign retirees. According to real estate valuers, the island has some of the highest-priced properties in Malaysia. A report by The Star revealed that seafront condominium units and terrace and semi-detached houses are Sungai Ara, Bayan Baru, Batu Maung and Minden Heights. The medium-range residential schemes in George Town neighbourhoods of MacCallum Street, Perak Road, Burmah Road, Sungai Pinang and Jelutong Road have not been spared."These have seen over a 25 percent increase in prices of condominium units in Gurney Drive and Batu Ferringhi, Tanjung Bungah are priced from RM2 million for a 1,000 sq ft unit. Moreover, pre-war houses have been snapped up by mostly non-Penangites, which are later transformed into either boutique hotels or preserved for their architectural beauty.
Home prices have surged 30 percent from approximately RM500,000 in 2007 to RM800,000 nowadays. Michael Geh, Director of Raine & Horne Malaysia said that areas including Gurney Drive, Tanjung Bungah, Pulau Tikus, Tanjung Tokong and adjacent residential properties had the sharpest price increase of more than 25 percent increase in prices of condominium units in Gurney Drive and Batu Ferringhi, Tanjung Bungah are priced from RM2 million for a 1,000 sq ft unit.
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