Many Westerners are nowadays buying apartment in Penang. The reasons for this are numerous. Some of them have to do with money, others with the lifestyle the Pearl of the Orient offers. We will briefly look at a couple of reasons why buying an apartment here makes a lot of sense – both financial and otherwise.
The main reason for many people is affordability. Although prices of Penang apartments and condos are nowadays rising rapidly, they are still very affordable in Western terms. The growing demand from investors will ensure that you enjoy excellent returns on your money in years to come. Not only is real estate still relatively affordable, but life on the island is very affordable in general. Everything, from street food in Gurney Drive to a meal in a luxury restaurant at the G Hotel, will cost you only a fraction of its Western equivalent.
Another very important factor that drives people to buy property in Penang is the lovely climate and beautiful beaches, like the ones in Batu Ferrighi. When Europe and America are suffering under a blanket of snow, those who were smart enough to buy property in on this tropical island is basking in the hot sun on beaches that can only be described as picture-perfect.
Penang is of course an island off the coast of Malaysia. Under the ‘Malaysia my 2nd home” program, you can buy property here and spend six months of the year on the island without the need to apply for citizenship. Many people use this opportunity to invest in property and spend the winter months here to enjoy the sunshine and the beaches.
Facilities on the island are excellent. You have shopping malls, restaurants, markets and entertainment options to keep you busy around the clock. Health facilities are also on par with that found in many Western countries.
An apartment in Penang is therefore more than a sound investment, it also involves a lifestyle change that will reap benefits for many years to come.