Lure of Penang sees spike in property prices

  • Nation
  • Thursday, 7 Jun 2012

GEORGE TOWN: The scarcity of land on Penang island and its lure as a tourist destination and a second home for foreign retirees have caused residential property prices to soar by more than 25% over the past five years.

According to real estate valuers, the prices are among the highest in Malaysia, which is why the Consumers Association of Penang claimed that only the rich could live on the island a world heritage city.

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