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Penang homes priced beyond reach of most youths

May 18th, 2017 Leave a comment

homeThe majority of youths in Penang have no choice but to rent due to high property prices.

Most (73.2%) are staying in a property owned by a family member or a relative and many (93.7%) are hoping to own a house within the next five years.

These are some of the findings of an opinion poll carried out by the state government on a sample group of 606 youths, aged 18 to 29.

Penang Institute senior analyst Yeong Pey Jung (pic) said an overwhelming 90.2% of respondents found it difficult to purchase property in Penang while 43.4% revealed that it was not difficult to rent a property here.

“In looking at the responses on perception towards property prices, 91.8% found prices in Penang to be considerably expensive while 69.3% are of the opinion that affordable housing in Penang is not affordable.

“If we look into the 24 to 29 age group, who have a higher purchasing power, 81.7% conclude that affordable housing is unaffordable. This is a phenomenon observed throughout Malaysia especially in urban areas,” she told a press conference on the outcome of the Penang youth survey in Komtar on Tuesday.

Yeong added that more than 90% of respondents hoped to own property but only half of them believe that it is possible.

“The telephone survey, which was conducted in February this year, was to find out how Penang youths feel towards social, economic and political concerns.”

The survey also showed that over 70% of youths involved in community projects were not interested in taking up leadership roles.

They also expressed a general disinterest in politics.

In terms of health, more than half of youths engaged in regular exercise.

About 56.4% found difficulty in gaining employment, a sentiment shared by their peers and immediate social circle.

Penang Youth and Sports, Women, Family and Community Development Committee chairman Chong Eng said the survey was an initiative towards the Penang Youth Development Blueprint.

“The blueprint will be inclusive and function as a guide to encourage social upward mobility and enhance the youths’ development socially, economically and politically.”

The next phase is to conduct a focus group discussion and in-depth interviews with all sectors of the youth community.

Source: TheStar.com.my

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  1. HuanChoo
    May 19th, 2017 at 13:24 | #1

    56.4% found difficulty in gaining employment, that’s because they are asking for RM5000/month as a fresh grad. However, if you don’t ask for RM5000, then the unaffordably expensive affordable housing will become even more unaffordable. I think Kedah is a better place to stay…:)

  2. Hsi
    May 19th, 2017 at 19:39 | #2

    Hello, u r using a picture of 18 years ago.

  3. Darth Vada
    May 20th, 2017 at 11:36 | #3

    pls la..this has been the case since like forever..now with the introduction of gst, u expect things to become cheaper?

  4. ==
    May 20th, 2017 at 16:06 | #4

    Pls lah 400k also cant afford? malaysia property most affodable in the world, go hk, china, singapora, japan see, u will know malaysia property cheap untill unreasonable.

  5. Jane
    May 21st, 2017 at 11:28 | #5

    Is Malaysia same developed like HK, Spore, china, Japan ?
    Is Malaysia population density very high like HK, Spore, china, Japan ?
    Is Malaysia ppl rich like HK, Spore, china, Japan ?

    Why did not compare with Indo, Thailand, Phlippines, Vietnam, etc property price ?

  6. Rebecca
    May 22nd, 2017 at 08:05 | #6

    M’sia consumer price index is the same as HK& Singapore. India’s real estate is one of the highest in the world in urban areas and cities. Malaysia ‘s productivity is low for many reasons. It is so sad to compare Malaysia to Thailand, cambodia and Vietnam and the philippines. Even Indonesia is doing better than Malaysia now. I speak to many foreign workers in Penang who are willing to work 12 hrs a day to earn 6000-10000 ringgit a month however they send the money overseas.

  7. edisongan
    May 22nd, 2017 at 10:30 | #7

    Jane :
    Is Malaysia same developed like HK, Spore, china, Japan ?
    Is Malaysia population density very high like HK, Spore, china, Japan ?
    Is Malaysia ppl rich like HK, Spore, china, Japan ?
    Why did not compare with Indo, Thailand, Phlippines, Vietnam, etc property price ?

    You will be surprised that Thailand , Indonesia ‘s properties prices are higher than Malaysia’s while average income of earning is still lower than Msia….So, I fully agree with “==”, Malaysia’s properties are still way much lower

    If compared to Singapore or HK..then has to be fair to compare Apple with Apple, Singapore’s average condo is SGD 1million and above for 1000sqf while Malaysia’s is RM500K for 1000sqf while average Singaporean is making SGD 4K VS average Malaysian RM 3.5k

    HK is even worst, you only saw the rich people, but majority people are living in difficulty if they are to purchase a property in HK…It is easily HKD 15 million for 1000sqf condo…while their average of income is around HKD 15K-20K..I doubt this is justifiable..

  8. Jane
    May 22nd, 2017 at 11:10 | #8

    So, you mean, Mal property price still way much lower, so, must increase more and more ?
    OMG, die lah many ppl.
    So, shall we be proud and happy when the property goes up so high and comparable with HK, Spore, China, Japan ? Is this what we hope ?
    I don’t believe average Malaysian earning is RM3.5k. I think is much lower than that.
    Also, many Mal ppl always think we are on par and ‘qualified’, thus always compare with HK, Spore, China, Japan.
    But, the reality is, we are just like Indo, Thailand, Phillipines, Vietnam, etc in term as developing countries.
    We are not dragon or tiger, we are just cat or rat.

  9. dragonfruit
    May 22nd, 2017 at 13:38 | #9

    Don’t compare to HK, terrible place to live in, unless you are rich. Their policy has been favoring the rich, and now it is too late to repair, irreversible damage has been done.

    Spore serves as a good reference. Private properties are very expensive, their income is also 3-4 times of ours, and they are very fortunate to have HDB. Things are in control there.

    Msia is a paradise. Just leave things as they are, we’ll be fine.

    Penang will be the hub, not the hub for financial services or manufacturing, but a hub for pyramid scams. You name it, we have it. All headquartered here. ..:)

  10. edisongan
    May 22nd, 2017 at 14:54 | #10

    @dragonfruit
    Dude, HDB also not cheap..1100sqf cost my cousin SGD 520K for 4 room flat at Tampines..Remember, HDB is still HDB, no facilities one..

  11. edisongan
    May 22nd, 2017 at 15:01 | #11

    @Jane
    From the way you replied, it’s either you are very cynical or you are very good at distorting people’s meaning with your own judgement..

    Did I mention that our properties prices are still way lower so must increase the price? What I mentioned was I agreed that our properties prices are still considered affordable if a couple that make RM7K/month still could afford to buy a property with joint name. It’s way lower indeed if compared to Taiwan,Hong Kong, Singapore, Jakarta, Bangkok too, anything wrong if this is the fact?

    Average income thing could be really subjective, but statistic shows KL is RM3.8K and Penang is RM3.3K so take the average is RM3.5K, same as Singapore statistic showing average Singaporean is making SGD 4K but how many actually could make more than this figure, only GOD knows..

    Anyway, sharing is sharing..If still find it hard to afford, then have to figure out why others could afford to buy, then we should work harder toward it.

  12. dragonfruit
    May 22nd, 2017 at 17:03 | #12

    @edisongan

    For you it is expensive because you earn your living in Msia, and you see that as RM1.6m for 1100sf. But if you are earning your living in Spore, and bearing in mind only married couples are allowed to buy HDB, for a 520k SGD home, assuming you take a loan of SGD470k for a 25 year tenure, that’s only a monthly installment of SGD1900 (@1.5% mortgage rate). That’s easily affordable by a working couple in spore. And when it comes to HDB, their gov has full control in price. That’s why I said “Things are in control there.”.

  13. edisongan
    May 22nd, 2017 at 17:21 | #13

    @dragonfruit
    No..I did not convert it into RM…I was still comparing Apple to Apple..It’s still considered “expensive” for SGD 520k HDB flat…

    Imagine in KL/Penang/JB, we could get a condo at RM520K with couple’s income RM7K/month compared to my cousin’s couple income is only SGD 7.5K/month..If you are going for a condo in Singapore for 1100sqf, it would be easily SGD 1million, not prime area some more..Malaysia also can apply for affordable homes at RM200K-RM400K with condo facilities …Low cost one maybe RM75K-RM100K,right?

    Thus, overall to say, we are really not that bad..Things will never come perfect in life, if we want to continue to complain or grudge about, surely there are many more to complain and compare..For a SGD 8k household income in Singapore, if they wanna buy a condo at SGD 1million at 1100sqf at Pasir Ris area, that would cost them 10.4 years household income, while Malaysian is RM520K/RM7K/12months = 6.2 years only…Go find out Bangkok and Jakarta, you will know how fortunate we are already..Seriously..

    That’s why I said, we still have many options if we really look into details

  14. ryu
    May 22nd, 2017 at 22:40 | #14

    @Jane, fresh graduate (degree holder) in Malaysia also earn 2.7k in Citigroup and more in Intel. A young couple with combined average 6k can easily obtain a housing loan of RM300k~400k, their monthly installment would be 1.4k~1.8k. By looking in the Penang’s market, still got many affordable houses (around 300k or below) to invest.

  15. Jane
    May 23rd, 2017 at 17:40 | #15

    Hai yah, you all take abt fresh graduates only, that why RM3.5k avg no real issue.
    I’m taking about Malaysian in general, I don’t believe the avg earning is RM3.5k, I believe much lower, thus affordability is a concern.
    For fresh graduates that still cannot afford, may be they spending on things like expensive smartphone, cars, luxury items, dining, overseas vacation, etc.

  16. ==
    May 23rd, 2017 at 20:12 | #16

    @Jane
    count like that, ur salary 10k also cant afford

  17. edisongan
    May 23rd, 2017 at 22:35 | #17

    Jane :
    Hai yah, you all take abt fresh graduates only, that why RM3.5k avg no real issue.
    I’m taking about Malaysian in general, I don’t believe the avg earning is RM3.5k, I believe much lower, thus affordability is a concern.
    For fresh graduates that still cannot afford, may be they spending on things like expensive smartphone, cars, luxury items, dining, overseas vacation, etc.

    So you are taking Kedah or other poorer state as comparison?If yes, the property prices in lower income states are also cheaper a lot too,agree?

    Be reasonable and compare Apple to Apple..The average income doesn’t necessarily mean all the fresh graduate,but mean all different working adults at different position and work out the intermediate number as index..

    In fact,buying property also isn’t meant for fresh grad but for those who come out to work 6-10 years and about to form their own family…They are more eager for their first home..Maybe you still don’t believe but the fact is majority of my classmates are making more than RM4k at the age of 34…mostly college or uni grad…So with a couple income as household,I don’t see earning RM7k and above is big issue for them to afford a private property at around 1000sqf..for some earning lesser than RM4k, they could also get smaller unit (700-800sqf) too,but still manage to buy one,right? Or buying govt flat..

    So if you really did read and follow up closely about overseas properties price status, such as HK,Singapore,Shenzhen,Taipei,Jakarta,Bangkok,Ho Chi Ming city..The couple of working adults with 10 years working experiences mostly can’t afford to purchase a private property with 1000sqf without family support…Really very sad case..Half the size (500sqf) is also big issue..

  18. edisongan
    May 23rd, 2017 at 22:54 | #18

    Rebecca :
    M’sia consumer price index is the same as HK& Singapore. India’s real estate is one of the highest in the world in urban areas and cities. Malaysia ‘s productivity is low for many reasons. It is so sad to compare Malaysia to Thailand, cambodia and Vietnam and the philippines. Even Indonesia is doing better than Malaysia now. I speak to many foreign workers in Penang who are willing to work 12 hrs a day to earn 6000-10000 ringgit a month however they send the money overseas.

    Impossible the same consumer price index as HK and Spore…Especially in HK, do you know a simple meal in De Coral fast food restaurant or 茶餐廳 is RM20-30; 1 liter petro is RM12-14, the fruit, electricity bill, gas bill, bus fare /MTR fare are 3 times more expensive..School fees,childcare fees and many more, you will be really shocked..Very expensive..I brought my wife once to a private clinic for pregnancy check and that cost me HKD 2100 (RM1100) compared to hospital Loh Guan Lye at RM140 for the subsequent visitations…

    I only can agree is the fashion clothing, home appliances , sport shoe are small difference in price..Don’t get married in HK, a banquet for wedding dinner is HKD6000-HKD8000 (RM3300-RM4500) at normal Chinese restaurant…You will be broke and skint immediately…

  19. Interested Buyer
    May 24th, 2017 at 05:56 | #19

    @Edisongan

    Living cost in HK is very high in fact it is like Switzerland but this is compensated by high salaries especially in finance, property, insurance, trading, public sector etc. Furthermore, tax is very low i.e max 15% but usually pay below that. The average price for a property in West Kowloon area is about RM9k / HKD 17k psf.

    As a Malaysian working and living in HK for the past decade, I would say a married couple owning a mid size private flat on the island or West Kowloon with two kids in private school would require a minimum household income of RM 50k a month. Alternatively, there are also many living in social housing with kids attending public school and having a household income of RM15k to 20k / month.

    Hope this helps…

  20. Rebecca
    May 24th, 2017 at 09:41 | #20

    @edisongan:
    You need to learn how CPI is calculated. Based on basic necessities and not based on luxury goods.

  21. edisongan
    May 24th, 2017 at 10:06 | #21

    @Rebecca
    Maybe you are right about CPI…What I was comparing wasn’t luxury goods but necessities leh..E.g.food,transportation,housing,medical bill,electricity and gas…Anyway I have been living in HK for years, I use my “physical” to feel so it’s hard to convince me we have the same CPI..Hahaha..

    My rent is HKD 8000 for an empty unit at built up area 420sqf, actual area 330sqf…
    FYI, I am not living in downtown somemore..

    When the time comes, I would still prefer to come back here to restart my life in Penang..Really much relaxing and comfortable lifestyle..

  22. Jane
    May 24th, 2017 at 10:41 | #22

    @edisongan

    Hai yah, that’s why I said don’t lah just think based on info from your graduated friends, classmates, ppls that you know, whom can afford it. There are really a lot of ppl, Malaysian public whom really cannot afford it because of low income, low saving, increased cost of living. Come back to join and mix with charity organisations and NGO, then, it is an eye opener.

    Again, Mal should not compare with HK, Spore, etc because these countries very high population density, land shortage that naturally affected property pricing.

  23. Jane
    May 24th, 2017 at 10:45 | #23

    edisongan :
    @Rebecca
    Maybe you are right about CPI…What I was comparing wasn’t luxury goods but necessities leh..E.g.food,transportation,housing,medical bill,electricity and gas…Anyway I have been living in HK for years, I use my “physical” to feel so it’s hard to convince me we have the same CPI..Hahaha..
    My rent is HKD 8000 for an empty unit at built up area 420sqf, actual area 330sqf…
    FYI, I am not living in downtown somemore..
    When the time comes, I would still prefer to come back here to restart my life in Penang..Really much relaxing and comfortable lifestyle..

    Your income, salary must be very high also, right ? Otherwise, you won’t stuck so long, suffer so long in HK, teow boh ? HK wife ?

  24. Jane
    May 24th, 2017 at 10:51 | #24

    == :
    Pls lah 400k also cant afford? malaysia property most affodable in the world, go hk, china, singapora, japan see, u will know malaysia property cheap untill unreasonable.

    If you said, malaysia property is cheaper, than I agree lo. But you said cheap until unreasonable, I cannot agree lah, esp the unreasonable word.

    As property agent, you can curse and dissapointed that 400k property ppl also cannot afford. But, it is still market force driven, market perception by the majority. So, you cannot change or force the market, right ? So, bo bian lo, work harder to promote or reduce pricing, increase value lo.

  25. edisongan
    May 24th, 2017 at 12:30 | #25

    Jane :
    @edisongan
    Hai yah, that’s why I said don’t lah just think based on info from your graduated friends, classmates, ppls that you know, whom can afford it. There are really a lot of ppl, Malaysian public whom really cannot afford it because of low income, low saving, increased cost of living. Come back to join and mix with charity organisations and NGO, then, it is an eye opener.
    Again, Mal should not compare with HK, Spore, etc because these countries very high population density, land shortage that naturally affected property pricing.

    Haha…When I took the statistic, you said you don’t believe, then I took my classmates and friends as example, you also said cannot take them as example..then I faint..hahahah..

    If not compared with Spore and HK, how about Thailand, Indonesia and Vietnam cities? hahaha..Seeing is believing, dear..go find out their income level and properties level..You will be surprised..

    I know there are people living in poverty for sure, same as everywhere..That’s why we have government flat at RM75K or dunno how much now..Still got choices lah..We cannot take the lowest incomers as the whole in the society mah, agree? Else, developers all go bankruptcy already..

    As for if I am stuck in HK or not, it’s quite objective thing, I can come back anytime since we have branch in Seberang Jaya, but I want to wait till I obtain HK PR so gotta continue to stay there, just a back up plan because I hope Malaysia will not become another Indonesia..

    Anyway, Penang is still the best for retirement..Taipei also expensive like hell now..

  26. Ryu
    May 24th, 2017 at 12:31 | #26

    @ Jane, are you staying in a landed property or condominium etc in Penang? You still can afford to buy right?

    My colleague bought a house in Penang (low medium cost) about 200k with salary about 1.5k about 5 years ago. Now she still earning below 2k.

    Why you look so “wide” until whole Malaysia? Just focus ourselves in Penang’s market. If now still can’t afford to buy, save for few years then. For your info, still got many investors willing to invest in Penang.

    High demand = high supply, price can’t go down as most of us want appreciation of value after purchase.

  27. edisongan
    May 24th, 2017 at 12:44 | #27

    Interested Buyer :
    @Edisongan
    Living cost in HK is very high in fact it is like Switzerland but this is compensated by high salaries especially in finance, property, insurance, trading, public sector etc. Furthermore, tax is very low i.e max 15% but usually pay below that. The average price for a property in West Kowloon area is about RM9k / HKD 17k psf.
    As a Malaysian working and living in HK for the past decade, I would say a married couple owning a mid size private flat on the island or West Kowloon with two kids in private school would require a minimum household income of RM 50k a month. Alternatively, there are also many living in social housing with kids attending public school and having a household income of RM15k to 20k / month.
    Hope this helps…

    Truly agree! That’s why I said we are more fortunate and blessed..Property price at RM9K/sqf with household income RM20K only is really very tough to live well. Government Housing is long long queue now with very tight requirements..Only minority of families are having household income RM50K and above lah, dude..Those are high post or top managerial level staff..

    According to latest findings, the highest household area is WanChai, how much you guess? HKD 31k/month only…OMG…SamShuiPo is the lowest…

    God bless Malaysia and God bless Penang then!

  28. Rambo
    May 24th, 2017 at 13:56 | #28

    @Ryu

    For the time being, you are wrong to say that ” price can’t go down as most of us want appreciation of value after purchase.”

    A Southbay Plaza condo unit (by Mah Sing) with size 1433sf just changed hands yesterday at RM705k. The indicated market value is RM 1 mil. So there you go.

  29. MPPP
    May 24th, 2017 at 14:29 | #29

    Different angle view will come out different answers, you own a property you will said property price still low, you didn’t own a property sure you say property price like rocket. I’m the employee definately will say my salary is low, but if I’m a boss, i will say different things. Everyone thought that we are expert but at the end, we are just normal people.

  30. Rambo
    May 24th, 2017 at 17:46 | #30

    @MPPP

    I agree with you, we are normal people, and I am normal people too. But the FACT is, a Southbay Plaza condo unit (by Mah Sing) with size 1433sf just changed hands yesterday at RM705k. The indicated market value is RM 1 mil. That’s a FACT, no angle no answers, just FACT.

  31. Kingsmen
    May 25th, 2017 at 10:53 | #31

    If u earn RM4k per month sure u say penang property higher and the same time if u earn 8k permonth sure will think its still normal…dont just 埋怨 here, why not go and think how to earn more

  32. edisongan
    May 25th, 2017 at 11:00 | #32

    @Kingsmen
    CANTIK !!

  33. pglang
    May 25th, 2017 at 13:01 | #33

    @Kingsmen
    Agreed. No point just complaining here. Go earn more to get the lifestyle/property you want. Price is just a number. If you no money, property Value 2Mil, now sell 1mil you also can see only, cannot buy.

  34. Jane
    May 26th, 2017 at 00:12 | #34

    Ryu :
    @ Jane, are you staying in a landed property or condominium etc in Penang? You still can afford to buy right?
    My colleague bought a house in Penang (low medium cost) about 200k with salary about 1.5k about 5 years ago. Now she still earning below 2k.
    Why you look so “wide” until whole Malaysia? Just focus ourselves in Penang’s market. If now still can’t afford to buy, save for few years then. For your info, still got many investors willing to invest in Penang.
    High demand = high supply, price can’t go down as most of us want appreciation of value after purchase.

    Yup, I like what you are sharing abt your colleague and agreed with you. Thks.
    Actually, I have 2 houses, more than 500K each, but I still think property in Msia not cheap (vs income and living cost). I also think property in HK, Spore, Japan is crazy super super expensive. So, see what i mean.
    Actually, it all started cos i beh tahan this guy, == comment about ” Pls lah 400k also cant afford? malaysia property most affodable in the world, go hk, china, singapora, japan see, u will know malaysia property cheap untill unreasonable “.
    Well, we must not compare with hk, china, spore, japan.
    In japan, the housing loan can be 50 to 60 years for 2 generations to pay cos so expensive !. If we reach this, HK, Spore, Japan level, cham loh, our next generation, our kids, grandchildren will suffer lo.

  35. Jane
    May 26th, 2017 at 00:41 | #35

    @edisongan

    Actually, I know what you mean lah, I understand lah, Mal is still much better than HK, Spore,etc, etc.
    But, pls don’t be satisfy with that easily because if our property price reach HK, Spore, china, Japan level, poor people and our next generations (kids, grandchildren) going to suffer badly. Those poor ppl may just sleep outside the rich man house like India.

    At that time, are we going to invite or children, grandchilden to stay with us at our very old house by then OR want to buy house for them OR take part in their 2 generations housing loan like japan one ? Kesian our next generation.

    BTW, I hope you come back to Msia permanently for good. Many things you can do here and contribute too to society.

    OK, when I join GE14 time, pls remember to vote for me ya. Remember to vote for Jane.

  36. ==
    May 26th, 2017 at 10:46 | #36

    @Jane
    Is true malaysia property most affordable in the world, cheap untill unreasonable, go do some homework compare to other country haha

  37. Jane
    May 26th, 2017 at 17:35 | #37

    @==

    Ok lo. Tell this to your customer lah. Ask them to buy a few units one shot.

  38. edisongan
    May 26th, 2017 at 22:28 | #38

    Jane :
    @edisongan
    Actually, I know what you mean lah, I understand lah, Mal is still much better than HK, Spore,etc, etc.
    But, pls don’t be satisfy with that easily because if our property price reach HK, Spore, china, Japan level, poor people and our next generations (kids, grandchildren) going to suffer badly. Those poor ppl may just sleep outside the rich man house like India.
    At that time, are we going to invite or children, grandchilden to stay with us at our very old house by then OR want to buy house for them OR take part in their 2 generations housing loan like japan one ? Kesian our next generation.
    BTW, I hope you come back to Msia permanently for good. Many things you can do here and contribute too to society.
    OK, when I join GE14 time, pls remember to vote for me ya. Remember to vote for Jane.

    You really think too much and far..Our grandchildren generation?Hahaha..Live your lives good lah…Each generation will have their own challenge and difficulty..Even now you own 10 properties and leave some for your grandchildren also cannot guarantee by the time they grow up and come out to society, they could survive well…

    So don’t think too much..make yourself tired only

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