A good time to buy property???

I'm sure that although many of you out there must be thinking that apart from keeping cash is the best option at this difficult economy moment, many out there still pondering the chance to jump into other investment such as buying properties. True to say, because of the worldwide meltdown of financial difficulties, the property sector is one of the most heavily hit area. Many experts and analysts are saying and predicting that because of the slowdown period, it's a good time now to buy property and get a little bit more of discounts.

I cannot say I disagree with such statement that now it's consider a good opportunity to grab a unit of property, be it for investment or for future family planning, but one must also be realistic and aware that in the state of Penang, property prices is one of the most expensive if not the most expensive area in Malaysia.

Take a look at the chart attached. The cheapest you can get is a 700 sq ft apartment at the cost of rm150k. Now for a normal person with 1-2 years of saving from working here in the island, it's not totally impossible but it's still a BIG ask. Don't forget that you will still need to pay the 10% downpayment, all the legal fees and insurance for your house and then the monthly interest and installment from the amount of loan you took from the bank. Of course there are many other considering factors and concerns for those who have other commitments. So be wise and make the right decision as buying a property is not just like buying any vegetables or meat from the market. Once you commits to it, you will be tied up for a long long time...