- The 1998 property market continued to be
hampered by the ailing economy.
- In tandem with the downturn, both the total
number and total value of transactions dipped significantly by
33.4% and 50.1% respectively.
- Market activities of all sectors declined except the
agricultural sector which recorded a very slight increase of
0.3%, attributable to the heightened.
- Transaction activity in Seberang Perai, almost 54.0% of
which were related transfers.
- The year saw a surge in the number of approved foreign
purchases to 107 from 25 in 1997.
- Leading the list was Indonesia with 51,
followed by Singapore with 37. The sudden Indonesian
interest towards properties on the Island, particularly in the
residential sector, was due to the exodus from the home
country's May 98 riots.
- On the construction front, infrastructure projects such as
the Jelutong Expressway and the Butterworth Outer Ring Road went
ahead despite the current economic
constraints.
Pulau
Pinang |
