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First of all, the place itself is the most important factor
that affects properties' value in Malaysia. If a house is close to
schools, shopping centers or bank, transportation facility such as a restaurant, hospital or church, temple, airport or any other
place which provide comfort to those living in this location, the property is likely to have a high property value
that is more appealing to buyers than any property.When it is about real estate, the principle of demand and supply refers to the ability of the people to afford property, as well as the relative scarcity of real estate.
Property values will be driven up by the fact that there is a the high
demand, coupled with the ability to purchase and the fact that there is a shortage of land due to the scarcity of land.
Contrarily, property values will experience a decrease when the demand for property is less of it and more supply comes into
the market.Let's take for example Penang as the second smallest state in Malaysia following Perlis regarding geographic
coverage , yet it is the eighth most populous with
1.56 million residents according to the population and housing census, Malaysia 2010 which is conducted
for every 10 years. Penang is home to an average of 490 persons per square kilometer is the
second-highest and populated state, after Kuala Lumpur.
The high population density puts competing pressure on land use which causes an increase
in prices for property as developers add more costly price tags on their projects due to the cost of land.
Besides, the lure as the destination for tourists and as a second home for retirees from abroad is also one of the
factors that results in the increased demand for Penang property.
Because of this, the lack of supply due to scarcity of land as well as the huge demand from both local and foreign purchasers is the principal reason behind
why Penang property prices are higher as compared to Kelantan.