Penang property market seen to be challenging in medium term

A ferry leaving the Penang jetty for Butterworth while in the background is KOMTAR.

THE Penang property market, over the short to medium term, is expected to be challenging as a result of strong incoming supply of new units.

At the end of 2018, the incoming supply of housing rose to 49,543 units versus 44,046 units in 2017, an increase of 12.5%.