Penang is seeing a rising number of innovative individuals keen to embrace its offerings.
Penang features in the property news on a regular occasion. Usually for the concerns about protecting the state’s heritage in the capital city, George Town, which is littered with pretty buildings that have become increasingly in demand. But Penang has made the headlines again but for a different reason. This northeastern state has become a hub for innovation and start-ups. This is according to real estate firm JLL.
Having been recognised alongside Chiang Mai in Thailand, Danang in Vietnam and Bali and Bandung both in Indonesia. These places all offer a slow pace of life alongside cheap living to draw in this segment of the working population.
Asian cities have not been shy to welcome start-ups over the years. Supplying new types of offices in the form of co-working spaces have helped to meet demand. However there has started to be shift away from the traditional destinations of Kuala Lumpur, Bangkok, Singapore and Ho Chi Minh City with the rise of ‘digital nomads’. Defined as someone who works in the digital industry but without the need of a fixed working abode, for example a freelancer or entrepreneur. Thus providing flexibility and allowing people to work whenever and wherever they wish to do so.
For Penang, the draw is partly down to the charm of its heritage. By further than this, the government have been keen to support new initiatives. @CAT for Creative, Analytics & Technology was introduced with the sole aim of boasting this new tier of employment style. And its worked because subsequently Penang is now home to award-winning companies such as infographic design app developer Piktochart. This growth is only the tip of the iceberg as this sector continues to grow. The property market needs to adapt to satisfy the demands of this new type of working.
If you are looking to buy or rent property in Penang then visit Dot Property’s comprehensive listings online here.
