GEORGE TOWN: The demand for property in Penang remains robust despite the economic downturn brought on by the Covid-19 pandemic and the movement control order (MCO) enforced to curb its spread.

International Read Estate Federation (FIABCI) president Michael Geh Thuan Peng said he is still receiving enquiries about property under the Malaysia My Second Home (MM2H) programme.

He also noted that banks have yet to let up on processing applications for home loans.

Nonetheless, he said, property players should note that the MCO has been in place for only six weeks.

“The market can still take a nosedive,” he warned in an interview with theSun last week. Nonetheless, he added, it has the capacity to rebound with time.

Geh was responding to a statement by state executive councillor in charge of housing Jagdeep Singh Deo and Penang is already working on a range of incentives for the real estate sector.

Jagdeep had said earlier that one of the options is to lower property prices across the board to stimulate the market.

However, Pulau Tikus assemblyman Chris Lee Chun Kit stressed that the state’s ultimate priority should be to save jobs and if that means lowering property prices, it should be done.