Actually, I entered the market actively in 2002. That time the KLCI was around 600 and was on the uptrend. It was like shooting fish in a barrel. Any amateur can make money. My mistake was I was too conservative and no bullet to make a real killing. But I learned a lot. So timing is also important.

Its not as bad as you think.
We are different from Spain and Greece because their cost of labour is far more expensive.
Its true that Spain, Greece, and other EU countries and the Malaysia government spend too much, but because our labour cost is lower, businesses move to low cost regions during a downturn.
Our ringgit going down against the USD is actually also a good thing because it makes our exports even cheaper.
In Australia, they were bragging how high their currency is against the USD, but then came the announcement Ford was pulling out their car manufacturing from Australia. In fact manufacturing in Australia is only relatively small sector.

The Malaysian economy can still be saved by the private sector.
Do you think the MNCs in Malaysia are sitting still while the rest of the world become more competitive?
In Penang, local management in MNCs like Intel, Altera, Sony, Agilent, etc. are working hard to transform even if the government does not.
Working hard to bring in more product lines, jobs, etc.
I admit that MIDA does work hard as well, but you should be thanking the Malaysian Managers in these MNCs to not just say, we are cheap, but we are also capable.
Not just Penang, but elsewhere in Malaysia.

However. I would be extra cautious in property investment in 2013.

Isn't Empire remix on commercial strata? So I would think most are investors hoping to rent out.
I could be wrong.

To all muslim forummers - Selamat Hari Raya.
And here's wishing to a stronger economy.

I am surprised that a double storey terraced house went for RM690K even in S2. Even now, some of the new IJM launches are less than that. Maybe its a corner lot with land and had major renovation?

Bro, are you an Arsenal FC fan? If you are, I can understand, because the manage is also a financial conservative and genius.

I understand what you mean. The market has been resilient up to now.
But as they say, perception is real, if enough people believe that its real.
Market goes up and down based on confidence of the masses in property as an investment vehicle.