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Demographic factor
The main determinants of the demand for housing are demographic. Population size and population growth are the core demographic variables in Penang. Penang has the highest population density in Malaysia on Penang islands. High level of population will influence demand of housing in Penang. Penang has a declining supply of land available for development on the island, in part due to its geographical constraints, but its colonial and cultural history has also left a lasting legacy on the pattern of land ownership.
Demographic trends display changes in the population over time and are a key factor in planning for the housing needs of any location. In understanding demographic trends, net migration needs to be factored in, so both immigration and emigration need detailed consideration. Population growth and household formation Penang has a growing population. Greater demand for housing will contribute to increases in prices. This level of needs analysis needs to be much more detailed and linked to economic factors such as household income. For demographics ' factor that also includes the age, social class and race or ethnicity. Age of the buyer also important that may influence them in decision making because it may show that what type of residential property they want that can give them satisfaction or needs for the requirement of the property. Population increases in Penang will increases demand of housing market in Penang.
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Income factor Income is an important determinant of demand that influence the market demand for housing grew as real income rise. The price of housing is also an important variable influencing demand for housing. The income level has relationship with price of housing that influence the demand of housing market in Penang. Medium cost housing in Penang is the property that sell in the median price that can be purchase by medium income


References: 1. Housing supply and demand? are we nearing equilibrium?. 2013. Housing supply and demand? are we nearing equilibrium?. [ONLINE] Available at: http://biz.thestar.com.my/news/story.asp?file=/2011/11/26/business/9974676. [Accessed 15 March 2013]. 2. Penang Institute Research Paper. 2013. Supply and demand in the Penang housing market: Assessing affordability. [ONLINE] Available at: http://www.inspen.gov.my/inspen/v2/wp-content/uploads/2012/05/Determine-Housing-Needs.pdf. [Accessed 16 March 2013]. 3. Penang Institute Research Paper. 2013. Drivers of house price inflation in Penang, Malaysia: Planning a more sustainable future. [ONLINE] Available at: http://penanginstitute.org/v3/files/research_papers/Drivers_of_house_price_inflation.pdf. [Accessed 18 March 2013]. 4. Housing supply and demand - are we nearing equilibrium? | Apartment-Penang.com. 2013. Housing supply and demand - are we nearing equilibrium? | Apartment-Penang.com. [ONLINE] Available at: http://www.apartment-penang.com/2011/11/housing-supply-demand-are-we-nearing.html. [Accessed 19 March 2013]. 5. Rightways: Housing supply and demand – are we nearing equilibrium?. 2013. Rightways: Housing supply and demand – are we nearing equilibrium?. [ONLINE] Available at: http://rigthways.blogspot.com/2011/11/housing-supply-and-demand-are-we.html. [Accessed 18 March 2013].
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