Locals at risk of being priced out of the real estate market in UNESCO-designated George Town

Although many real estate investors are attracted by shiny new buildings, heritage properties can attract a substantial premium, despite higher maintenance costs and potential restrictions on alterations and redevelopment.

George Town Harbour (credit: Hajotthu)

As reported this week by The Star Online, the value of heritage properties in UNESCO-designaed George Town, a British colonial era city on the Straits of Malacca in Malaysia dating from the late 18th century, has increased by 37 to 157 percent since 2008. With surging prices the result of strong demand from Malaysians living overseas and Singaporeans, local residents risk being priced out of the market - an all too common problem for those who reside in or near a world heritage site.