Penang, Malaysia

Situated in the northern region of the Malaysian peninsula, Penang is a small but bustling state that rivals the dynamism of major metropolitan areas. Its population hovers around 2 million residents, notably making it the only state in Malaysia with a majority Chinese demographic. However, public transportation infrastructure has not been optimally developed, partly due to political dynamics; the state government, led by the opposition party, often struggles to secure federal funding.

Penang comprises two primary sections: Penang Island and the mainland area known as Seberang Perai. The state's capital city, Georgetown, is jointly listed with Melaka as a UNESCO World Heritage site. Penang is celebrated as Asia's Food Paradise, thanks to its tantalising fusion of Malay, Chinese, and Indian culinary traditions. This gastronomic magnet draws visitors from far and wide. The local population predominantly communicates in the Penang Hokkien dialect, and interestingly, it's not uncommon for people of different ethnicities to employ this Chinese dialect in their daily exchanges.

The real estate market in Penang presents one of the least affordable scenarios in the country, a predicament born out of limited land resources and an abundance of high-income workers stemming from the numerous manufacturing multinationals based here. Foreign investors are particularly attracted to beachfront condos and houses along the scenic coastal areas of Batu Ferringhi and Gurney Drive.

The following shows the residential property transactions in Penang over the last few years:

However, to restrain property speculation, Penang's state government has implemented one of the least foreigner-friendly real estate investment policies. The minimum purchase price for high-rise residential properties is set at RM1 million and escalates to RM2 million for landed residential properties when acquired by foreign nationals.

Over time, Penang has transformed into a prominent tourist destination, magnetising visitors much like sugar attracts ants. This influx, combined with one of the highest population densities in the country, has resulted in a significant issue: traffic congestion. This problem intensifies during peak tourist seasons and before and after standard working hours. To mitigate this, the Penang Transport Master Plan (PTMP), costing approximately RM46 billion, was introduced. The initial phase of this ambitious project, encompassing the Pan Island Link 1 (PIL 1) highway, the Bayan Lepas Light Rail Transit (LRT), and several major highways, was approved in November 2018. This initiative is expected to boost property prices on the mainland, further reshaping the economic landscape of Penang.

Latest Penang sale listings:

Date	Property Type	Built-up	Price
Today	Condominium	700 sf	RM330,000
Today	Condominium	935 sf	RM320,000
Today	Terrace	1,000 sf	RM360,000
Today	Semi-Detached	2,660 sf	RM650,000
Today	Commercial	3,700 sf	RM900,000
Today	Bungalow	3,150 sf	RM928,000
Today	Condominium	800 sf	RM450,000
Today	Apartment	600 sf	RM188,000
Today	Terrace	2,475 sf	RM590,000
Today	Semi-Detached	1,100 sf	RM499,000

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Latest Penang rental listings:

Date	Property Type	Built-up	Rental
Today	Single Room	-NA-	RM650
Today	Studio	550 sf	RM1,300
Today	Studio	600 sf	RM1,450
Today	Medium Room	-NA-	RM500
Today	Condominium	1,200 sf	RM1,500
Today	Condominium	1,113 sf	RM1,950
Today	Single Room	-NA-	RM580
Today	Single Room	-NA-	RM550
Today	Low-Cost Flat	550 sf	RM650
Today	Master Room	-NA-	RM750

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45 user comments on Penang

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Kellychew816

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3 Mar 2021 @ 10:36 PM

Taman Bukit Minyak, Bukit Minyak

May I know Taman Bukit Minyak near to Taman Sentul Jaya Juru ?

Chini maruko chan

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4 Nov 2022 @ 3:30 AM

Butterworth, Seberang Perai

Beware of someone name divnesh, he is a scammer.. asking for review want money and ask for more money for the day almost for reviewing for legal purpose and said that it is 100% refundable.. also coward cause dont want to pick phone.. phone number is +601128919765 (maybe will change since he is scammer) .. if anyone that love to scam scammer and dealt should give him hope and also a call.. good luck people

Sitirabiatul2812

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12 Jan 2023 @ 1:07 PM

One Foresta, Bayan Lepas

Please contact me as soon as possible (0142565901)...i want to rent the condo for RM 600 monthly starting next month