Penang is proving to be a popular destination with real estate investors looking for a property in Malaysia.
Chairman of the Real Estate and Housing Developers Association (Rehda) Penang Datuk Jerry Chan Fook Sing highlighted the north-western state's strong performance at the Malaysia Property Exposition Penang (MAPEX), The Sun Daily reported.
"Astute local and foreign real estate investors have complemented Penang's progress in offering not just some of the most attractive product designs, but developments at attractive prices," he stated.
Mr Chan anticipated transactions worth between RM30 million (£6.14 million) and RM40 million would be concluded during MAPEX, which ran between March 23rd and 25th.
Earlier this month, senior manager of Henry Butcher Malaysia Fook Tone Huat predicted the value of mid-market properties in Penang would rise by the end of 2012.
He told Bernama strong demand for homes costing less than RM400,000 will boost the state's housing sector, adding that properties in the medium price bracket are "recession proof".