One of the worrying things about Penang is the rising prices of houses, even as communities in certain areas are displaced.
Some of these problems are probably inherited. But where are the displaced residents going to move to? Can they afford to buy new homes?
Penang needs to have a housing policy that caters to the needs of its own residents. At the moment it seems like developers are building for foreign and outside speculators/’investors’ even as home ownership and property prices soar across the island.
One reason for the property investment or speculation is that bank interests rates are low, and the other is that regional investors still find Penang prices fairly cheap compared to say, Singapore, Taiwan and Hong Kong.