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Abstract
This study found that the pricing of condominium units in Malaysia became more rational after the Asian Financial Crisis (AFC). Analysis of condominium transactions in Penang suggests that the same set of housing attributes explained more variation in prices after the AFC. This suggests that there were more noise trading activities in the market before the AFC. One of the few positive effects of the AFC is the reduction in the number of noise traders in the property market. In addition, the results also suggest that larger units suffered a greater decline in price then smaller units after the AFC.