Property demand in Penang still strong despite economy

The demand for property in Penang remains robust despite the economic downturn brought on by the Covid-19 pandemic and the movement control order (MCO) enforced to curb its spread.

International Read Estate Federation (FIABCI) president Michael Geh Thuan Peng said he is still receiving enquiries about property under the Malaysia My Second Home (MM2H) programme.

He also noted that banks have yet to let up on processing applications for home loans.

Nonetheless, he said, property players should note that the MCO has been in place for only six weeks.

“The market can still take a nosedive,” he warned in an interview with theSun last week. Nonetheless, he added, it has the capacity to rebound with time.

Geh was responding to a statement by state executive councillor in charge of housing Jagdeep Singh Deo and Penang is already working on a range of incentives for the real estate sector.

Jagdeep had said earlier that one of the options is to lower property prices across the board to stimulate the market.

However, Pulau Tikus assemblyman Chris Lee Chun Kit stressed that the state’s ultimate priority should be to save jobs and if that means lowering property prices, it should be done.

Source: TheSunDaily.my


  1. jon
    May 4th, 2020 at 15:13 | #1

    better dont say a word. talk like no talk.

  2. kpkb
    May 4th, 2020 at 16:37 | #2

    ” the state’s ultimate priority should be to save jobs and if that means lowering property prices”…………Lower property price to save jobs?? what jobs?? You mean those jobs at the constructions sites for those covid positive banglas???OMG. No wonder our state has been walking backwards for the last 10 years!!…:))

  3. JJ
    May 4th, 2020 at 23:37 | #3

    What? Siao ah? Just when all the govs in the world are trying to do something to prevent deflation during this crisis, our toopek state gov is trying to create deflation by lowering property price??? WTH!! Hahahahaha…..chiak lat liao PG!!!!!

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