Penang is at the heart of The Greater Penang Conurbation, that encompasses the whole of Penang, southern Kedah, and northern Perak. It’s the second largest metropolitan area and the second most populous region, next only to Greater Kuala Lumpur. It’s one of Malaysia’s economic powerhouses. The property market has drawn many investors due to its vigorous tourism and industrial growth. However, Penang is the 2nd smallest state in Malaysia when it comes to landmass and hence there’s a scarcity of land to develop. This has resulted in the shift from the construction of landed properties to high-rise apartments and condominiums.
With robust tourism, many international banks have opened their branches in the capital city, George Town. The rapid industrial growth has led to the setting up of the Free Industrial Zone and the coming of multinational organizations in Bayan Lepas. This has ensured the increase in foreigners coming into Penang on work.
Lack of space on the island and the expat influx has given rise to the need for high-rises on the island, and recently on the mainland too. This is how Condos For Rent in Penang becomes relevant in the rental market of Penang.
What are Condos?
“Condo” or “Condominium” denotes a huge apartment complex, the units of which are individually sold to and owned by the buyer of the unit. The common parts of the property are jointly owned by all the owners of the units.
Advantages of Condo living
- Condos are generally maintained well as they are owned by private owners who are individually responsible for it and are attached to their property
- Condos have luxurious amenities like the house-keeping staff, pool, gym, park, etc., all under one roof, which attracts people to rent them
- Condos provide a safe environment in the sense that they are gated communities and employ security guards to prevent unauthorized people from entering the building
The Penang Condo Market
Currently, condos are the most sought-after housing in the Penang rental market as they offer high-class amenities and provide a community living. This has given rise to more condo projects coming up in Penang, not only on the island but even in mainland areas like Batu Kawan. So, you have a great deal of choice in renting condos.
In spite of the downward trend in the Penang property market, which is undergoing corrections, data show that out of 30 condominium projects in Penang, 11 saw an upward trend in their prices from 2014 to 2015. This shows that the condo market is still flourishing. This is the result of the increasing prices and rentals of landed houses, which has made a shift in demand towards comparatively more affordable high-rises.
Majority of the popular condominiums on the island is located in the northern region of the island, in expat areas like Batu Ferringhi, Tanjung Bungah, Tanjung Tokongand in Penang’s capital city, George Town. They give an excellent and breath-taking view of the sea and that’s the main reason they’re so much sought after, despite the low rental advantage the condos on the mainland have.
The mushrooming of new and expensive condominiums has benefitted the existing ones, as they have a definite edge in pricing over the newer condos. Property experts believe that condominiums closer to George Town will continue to do well, do it’s a strategic location.
The priority of people is changing with times. Whether it ’s condos on the mainland or on the island, the condo rental market in Penang has seen an upward trend due to the expat population and their love of the beach, and due to the amenities condos provide.