The Penang property market is likely to remain flat this year, says iProperty.com Malaysia Sdn Bhd general manager David Mawer.
Mawer said factors like supply-demand imbalances of mainly high-rise projects, affordability and rise in living cost are expected to affect market.
Other factors include the challenging outlook for the global and local economies.
According to the National Property Information Centre, there are 2,200 high-rise overhang units with an abundance of unsold apartment and condominium units in Penang due to poor demand.
Despite the current market condition, Mawer said iProperty.com expects the overhang of residential properties in Penang to ease within the next two to three years.
