THE excess in supply of residential properties is expected to clear in three to four years, paving the way for a recovery in the property market, says housing industry experts. The new National Information Property Centre (Napic) 2016 report shows that the incoming supply of residential properties has inflated to 94,124 units, compared to 82,837 units in 2015. “In 2016, the transactions of residential properties in Penang totalled 13,244 units worth RM5.36bil,” according to Napic. There are 10,968 high-end units coming to the north-east district, while a further 12,833 are heading to the south-west district. CA Lim & Co principal Lim Chien Aun says it is not unreasonable to expect the property market to recover in three to four years’ time.

Source: thestar April 22, 2017 00:07 UTC