Penang not affected by drop in residential property transactions

GEORGE TOWN: Chief Minister Lim Guan Eng (pix) said the drop in residential property transactions in urban market centres has not adversely affected Penang.
He said based on figures by the National Property Information Centre (NAPIC), there was a drop in residential property transactions in the second half of 2016 in both the primary market (from 1,040 transactions down to 640 transactions) and the secondary market (from 5,658 transactions down to 4,858 transactions).
"Although there has been a drop (residential property transaction), we can breathe a sigh of relief as statistics show that of all the urban cities in Malaysia namely Kuala Lumpur, Selangor and Johor Baru, Penang experienced the least drop," he said during the Penang International Property (PIP) Summit Conference at Gurney Paragon earlier today.
Lim said the state government will continue to prioritise the delivery of affordable housing in particular for Penangites.
He said the state administration will also continue to put in place policies that will ensure a cooling off of the property market and to further ensure that there is no abnormal increase in property prices.
Lim also praised the Penang State Housing Committee and Pen Event Sdn Bhd for organising the PIP Summit Conference.
He said the event proved to be an effective platform for stakeholders and the state government to address the numerous issues facing the property industry in Penang.
"I can say with confidence that as a result of the discussions and input from previous summits, state government policies have been enhanced to suit the various requests of industry players," he said.