12 Dec '13, 12am

#Singapore #GlobalREBubble 'Penang Market To Moderate In 2014' via @SGPropertyGuru

The Penang property market is expected to slow down in 2014, with fewer new launches and reduced transactions, however prices are expected to remian stable. Real Estate Housing Developers’ Association (Penang) chairman Datuk Jerry Chan attributed the slowdown to the government's real property gains tax (RPGT) and stricter loan conditions by banks, in view of Bank Negara's announcement that “there will be no easy financing anymore.” “However, this will not affect Penang property prices, which will remain stable,” he noted. “Logically, with the current property market situation, property prices will never come down due to the higher cost.” Notably, land prices has skyrocketed in prime locations during the last five years along with prices of raw materials such as steel and sand, said Chan. “There is also no property bubble, as there had been no large supply of properties com...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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