Penang - minimum property prices
#16
BE Enthusiast
Joined: Oct 2015
Posts: 464
Re: Penang - minimum property prices
The main draw of Penang is of cause the beach and the shopping facilities that match almost KL. Food? Sure, Penang is great, but I don´t miss any of my food court favourites here
#19
Re: Penang - minimum property prices
No beach near me.
Langkawi good for beaches. I believe east coast of peninsula also good for beaches.
Langkawi good for beaches. I believe east coast of peninsula also good for beaches.
#23
KK Resident - Retired
Joined: May 2010
Location: Kota Kinabalu
Posts: 201
Re: Penang - minimum property prices
We have some nice beaches here in Sabah (that's if they have sorted out the sewerage problem!) and some nice properties including new condos - About | Spinnaker SOVO Suite @ Likas Bay, Kota Kinabalu, Sabah, Malaysia. but they are expensive. The banks are not lending in Sabah too so it is holding back some prices. Developers are required or encouraged to build affordable housing for locals as well as pushing hard for the ex-pat market. https://www.propertyhunter.com.my/ne...sidential-term This our neighbour and the guy who developed our estate. Property Hunter is worth a read
#24
BE Enthusiast
Joined: Aug 2015
Location: Penang
Posts: 959
Re: Penang - minimum property prices
You are correct about this. Although this website is called British Expats, I prefer to look at the EUR/MYR exchange rate. It has changed from approx. 3.8 to 5.1 in the last five years. This will indeed take away a part of the profit.
#25
Re: Penang - minimum property prices
A little story.... I and my late husband bought and sold many a property in mainly UK then Singapore and always made a decent profit and sometimes a big profit. Then.... we bought a house in Thailand We got fed up with Thailand and sold up and made our first and last spectacular LOSS in Thai baht. However if we mentally (just in our heads) converted back to Sterling bought and sold, we made a small profit So we just thought of it as that.
Ended up buying in Penang with that dosh. So.... house = house = house. And does it matter? It probably does if you are young, or have definite intentions of moving elsewhere later.
#26
Forum Regular
Joined: Dec 2016
Posts: 188
Re: Penang - minimum property prices
Yes. I am thinking about it more in terms of buying now vs 5 years ago. If you have foreigner currency then the price would be similar today to what it was 5 years ago, so might still be a good buy.
#27
BE Enthusiast
Joined: Oct 2015
Posts: 464
Re: Penang - minimum property prices
Actually the MYR was over 5,0 against the EUR already in 2004, 2005, 2008 and 2009. Since the big crisis in 2002 and 2003, the main thing was to buy the MYR when it goes to 5,0, live with it comfortable around 4,5 and sell it when it goes in direction of 4,0.
Certainly, this will not last forever. Maybe we go in a new range now, because the Euro troubles finish and Malaysia faces new problems.
#28
BE Enthusiast
Joined: Aug 2015
Location: Penang
Posts: 959
Re: Penang - minimum property prices
I wasn't really looking for the lowest and highest point. I pulled up a chart of the last 5 years. The left hand reading (i.e. 5 years ago) showed 3.8, and the right hand reading (i.e. today) showed 5.1
I guess that most people don't really time their time of purchase to have a optimum exchange rate. The timing of their house purchase is most likely more based on when they need (or no longer need) a house. My guess is that only investors who want to flip houses to make profit time their buying/selling more precisely.
I guess that most people don't really time their time of purchase to have a optimum exchange rate. The timing of their house purchase is most likely more based on when they need (or no longer need) a house. My guess is that only investors who want to flip houses to make profit time their buying/selling more precisely.
#29
Re: Penang - minimum property prices
Actually it turns out the levy is still at 3% EXCEPT for strata properties sold for between RM1M and RM1.5M, when it is reduced to 1.5%.
Last edited by InVinoVeritas; Aug 16th 2017 at 5:39 am.
#30
Forum Regular
Joined: Nov 2015
Location: Penang
Posts: 133
Re: Penang - minimum property prices
As I have previously written the issue for me is that I feel the minimum price threshold "forces" (in a buying sense) me to buy potential something I have no need for. I don't need a 3 bed, 3 bathroom all singing and dancing place.
But that seems to be the market so when in Rome...
But that seems to be the market so when in Rome...