George Town’s heritage properties are making a comeback.

Rental rates and selling prices for pre-war shophouses in George Town’s Unesco core zone have skyrocketed 20% above 2024 levels, pushing per-square-foot rents past RM3 in prime locations like Campbell Street and rental yields improving to around 4–5%.

The rental boom is mirrored by a surge in sale prices, with per-square-foot values now ranging from RM2,000 to RM3,000 depending on location.

In 2025, an estimated 150–250 pre-war properties changed hands, with total transaction value reaching approximately RM250–300 million.

But beyond the numbers, I think the bigger story is scarcity.

There are only around 3,853 pre-war properties across George Town’s heritage core and buffer zones. Unlike new developments, this is a finite supply that cannot simply be reproduced.

At the same time, tourism, international connectivity and the growing boutique hospitality sector are creating new opportunities for these properties.

For me, this is what makes George Town particularly interesting, the heritage, tourism and real estate are increasingly coming together to create value.

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