Demand for affordable homes rises strongly in Penang real estate

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Published: 25th October 2012
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Penang in Malaysia has emerged as a property hub that is catching an eye of investors from everywhere on the planet. Most developers seeing the increasing popularity of real estate in Penang are thus coming up with projects that can appeal to a larger group of buyers. REHDA or the Real Estate and Housing Developersí Association is one such developer that is contributing significantly in bringing up the demand for homes at Penang. The latest focus from these known developers is to fulfill the demand of consumers concerning affordable housing facilities that can offer quality living in Penang real estate. Currently this is the hottest topic in debate which has remained in talks since 1970, but now has gained momentum greatly.

Developers seeing the increasing demand for affordable houses are thus coming up with newer projects to fulfill just this demand of Malaysians and particularly Penangites. Another developer doing greatly in this regard is PR1MA or 1Malaysia Housing Program. But, it cannot be accomplished alone by just one developer, thus the government as well as private developers are working together to accomplish the same. Penang property market is currently facing a boom and the demand for luxury houses and apartments is also high, but affordable houses are being demanded by maximum number of people seeking to make an investment in Penang.

The federal government in Malaysia has recently announced that they are coming up with new policies that would check the price hype on properties in Penang and will focus on keeping a check on the same. The government is fully aware about the sharp increase in prices of most of the Penang properties that had many reasons responsible for the same. Increased demand and supply, increase in the cost of the building materials and limited availability of labor and workforce were some factors responsible for the price increase. The Malaysian government is now working with the private developers to curb this price increase by resolving issues right from the root.

Any governmentís goal is to keep the people first and in Malaysia too the same is being followed. Seeing this various measures are being undertaken to ensure that the residents especially from the low and middle class income group can afford apartment Penang in an easy manner. Developers even say that the concept of affordable housing in Penang is not a new one and has remained popular since the 1970s. But, currently has experienced a greater hype due to rapid increase in property prices.

Malaysians believe that itís the social responsibility of the government and developers to offer cheap land to people who cannot afford to pay a fortune for the same. Some people even feel that developers just to reap the maximum benefits and returns are engaged in the construction of expensive homes. But, where finally will the people from middle and lower income group would go, when no land would be left for them that can be bought as an affordable asset. Assuming that in Malaysia an average household has four members, there would be a need of 150,000 homes every year to fulfill the demand of Malaysians for affordable homes. Seeing the number itís imperative for all to work very hard to accomplish this goal if not now, maybe some years down the line.
The author is an expert in Penang real estate and works with SriShanBid to assist with buying and selling of Penang property. SriShanBid as a leading property company can help anyone in finding their dream apartment Penang at best possible deals.

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