Wednesday, 16 January 2013
Property bubble? Most of us have been hearing about this since 2010. Yes, there is definitely a bubble, and it's getting larger. But when will it "kaboom..."?
People started to say that overheated Penang property is going to burst since year 2010. Time flies, and now after 3 years, it seems no sign of that, just yet.
Back then, some people give warning to home buyers and property investors that better hold their purchase, and wait for the price to drop (these people may quietly buying a load of properties). Hopefully no one especially genuine home buyers follows this advice. If not, they will not be able to afford what they previously afford now...
Fiera Vista @ Sg Ara
In Penang, property price increases by at least 50% for the last 3-4 years. High rise in island east/north east area RM400psf -> RM700psf, island south east area RM300psf -> RM500psf, mainland Butterworth area RM150 -> RM300psf.
K Residence @ Seberang Jaya
For landed property, single storey at island east has been "fried" from RM400k -> RM800k. Other multiple storeys new launches almost all in millions. In mainland, the record has been broken on every new launch. For Seberang Perai Selatan's Pearl City, double storey terrace RM250k -> RM400k, double storey semi-d RM350k -> RM500k.
Recently Tambun Indah has launched another commercial property in its Pearl City business park. Its standard double storey shop offices price (~22x60ft) start from RM668k. Almost similar shop offices in Pearl Square not far away (~20x60ft) were sold for ~RM400k 1-2 years ago.
Pearl Avenue @ Pearl City