Condominium - Freehold
GEORGETOWN
Penang, Malaysia
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Georgetown is the capital of Penang Island, and is renowned for being listed as a World Heritage Site in the year 2008. This bustling little town was founded in 1786 by Francis Light, a British trader. While it was known to be a small little fishing village and a port town in the past, Georgetown is now a busy city that has major economic importance in the state.
Georgetown is first and foremost famous for its history. The shop houses here date back to the 1900s, and the majority of them are still very well maintained. These very same shop houses are now a tourist attraction, where many locals run their businesses from.
These historical shop houses are however also a constant sore point with the locals, as more foreigners; especially Singaporeans; come in to obtain these shop houses as an investment and drive the prices of historical properties and its rentals up abnormally - so much so that the Penang government is talking about imposing a rent control act.
The main economy factor of Georgetown is not just its history but also its food. This little town has more good food into its borders than many other states have in their entire region. There are many variants of ‘char kway teow’ here with various types of seafood, and there is also the ‘kwei chap’ that can only be found here.
Nasi Kandar is also an extremely popular choice of food here, with one of their most famous ones being the ‘Line Clear’ shop. There is so much good food here, that many a Malaysian has made a weekend trip down to Georgetown just for a food binging session.
With Georgetown being a state that is popular for being a tourist attraction, one would expect prices of property here to be on the rise. But due to the strict government measures that control foreign buyers from obtaining too many properties here; and due to stringent affordable homes schemes; property prices are still stable even in the main city of Georgetown.
Being the capital of Penang, Georgetown enjoys some of the best in facilities and road infrastructures. The Penang Bridge is only 20 minutes away in clear traffic, and the Penang International Airport is less than half an hour away.
155
New developments within neighbourhood
6
Convenience Stores
4
Shopping Malls
18
Supermarkets & Markets
9
Public Transport
19
Educational Institutions
27
Places of Worship
2
Medical Facilities
10
Banks
9
Petrol Stations
average
Crime Level
North-South Expressway, Tun Dr Lim Chong Eu Expressway
Highways
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Transacted Prices
This is a representation of historical transaction prices within the neighbourhood, categorised by non-landed (condominium, serviced apartment, apartment), landed (townhouse, terrace, bungalow, semi-detached, house) and commercial (office, shop).
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Transacted Prices will give you an idea of the neighbourhood’s property price trend.
Analysis & Comparison
Analysis and comparison of average transaction, for sale and for rent prices for landed, non-landed and commercial properties within Georgetown *
* To provide you the most accurate information some columns may appear as ‘Insufficient Data’ due to insufficient transactions in the area
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Consumer Price Index
This is a representation of Penang Consumer Price Index (CPI) for the year of 2011 - 2015
Did you know?
A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. (Wikipedia)
The Consumer Price Index (CPI) line shows an increment in prices of essential goods on a yearly basis, while the Percentage Changes line shows the level of changes in price increments over the years. For example, a dip in the CPI line may indicate a low level of price increment as compared to the previous year while a surge in CPI line shows a high level of price increment as compared to the previous year.
The above graph shows 1.742% of price changes in essential goods such as rice, meat and tobacco between the years 2011 and 2012, while increasing in difference to 2.093% in 2013. Prices of essential goods then increasing to 3.169% in the year 2014 while surging by 2.529% in 2015.
While the prices of essential goods have shown a variation in the Percentage Changes, the Consumer Price Index (CPI) on the other hand indicates a reality of ever increasing prices in essential goods with increments between the years 2011 - 2015 at 102.7 in 2011, 105.1 in 2012, 107.3 in 2013, 110.7 in 2014, 113.5 in 2015.
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Recommended Listing Within This Neighbourhood
Community of Georgetown
Foodie, shopping and sightseeing haven.
Good environment, many tourism places, many Penang food
nice area to stay, felt more safe compare to KL
A lot of tourist attraction around this area
