Get all the data you need about the real estate market in Penang
SUMMARY
Yes, you should consider buying real estate in Penang now, but only if the property works at today’s price without relying on future LRT gains, semiconductor hype or a speculative resale.
Penang has a rare setup: the economy is expanding much faster than the housing market. GDP grew 7.3% in 2025 and manufacturing investment stayed strong, while residential transactions kept falling.
That gap is useful for buyers. Economic growth gives the market a decent long-term floor, but weak transaction volumes and soft new-launch sales mean sellers and developers do not have the upper hand everywhere.
The strongest property story is local rather than statewide. Bayan Lepas benefits directly from industrial jobs, airport expansion and the LRT corridor, while Batu Kawan has a credible growth story tied to manufacturing but much more room for developers to add supply.
Penang Island still deserves a premium, especially for scarce landed homes and mature locations, but the island-mainland price gap is large enough that buyers should stop treating “island scarcity” as a complete investment thesis.
New condominiums are the part of the market we would be most careful with. Only 31.5% of homes launched in 2025 were sold during the year, and more than 7,800 unsold homes were already under construction at year-end.
The LRT is real and construction is advancing, but the full network benefit is still years away. Paying a large transport premium today means carrying the property, financing and maintenance costs long before the line is fully operational.
Rental yield is the weak point in many premium island locations. George Town can be attractive for long-term ownership and scarcity, but a gross yield in the high-3% range leaves very little room once normal costs are deducted.
Foreign buyers face a much tougher equation than Malaysians. Minimum purchase prices, the 8% foreign transfer stamp duty, state consent costs and less favourable RPGT treatment raise the break-even point materially.
The best current setup is an established resale property in a location with proven demand, bought at a sensible transaction price and held for seven to ten years. Bayan Lepas is the strongest all-round option, George Town is better for defensive long-term ownership, and Batu Kawan suits buyers willing to accept more supply risk for more upside.
Why is buying property in Penang such a difficult call right now?
Buying property in Penang makes sense today, but the market is nowhere near strong enough to justify buying blindly.
Penang’s economy is running much hotter than its housing market. According to the Department of Statistics Malaysia, the state economy grew 7.3% in 2025, compared with 5.2% for Malaysia as a whole. Manufacturing grew 10%, construction grew 13.4%, and GDP per person reached RM80,540, well above the national figure of RM59,186.
Industrial investment is also strong. InvestPenang recorded RM22.4 billion of approved manufacturing investment in 2025 across 232 projects, with an estimated 24,633 jobs attached to them. Another RM4.9 billion was approved in the first quarter of 2026.
Housing activity has been much softer. NAPIC recorded 17,228 residential transactions in Penang in 2025, down 4.9% from 2024 and about 7.7% below 2023. Residential transaction volume then fell another 16.6% year on year in the first quarter of 2026.
That gives buyers something unusual: strong economic fundamentals without a residential buying rush.
Are Penang property prices still rising now?
Penang property prices are still creeping higher in parts of the market, especially high-rise homes, even though fewer people are buying.
Knight Frank’s latest regional data recorded 3,443 Penang residential transactions in the first quarter of 2026, down 16.6% from a year earlier. The value of those transactions fell 13.2%.
High-rise property held up much better. Transaction volume was down just 2%, transaction value increased 0.6%, and the high-rise price index was 3.4% higher than a year earlier.
Looking further back gives us a better sense of the speed. NAPIC data compiled by EdgeProp puts the average Penang high-rise transaction at roughly RM580,000 in 2021, RM620,000 in 2022 and 2023, RM650,000 in 2024 and around RM630,000 during the first nine months of 2025.
That is roughly a 9% increase from 2021 to the 2025 level. Spread over several years, the rise is fairly modest.
| Penang residential indicator | Earlier level | Latest comparable level | Change | What it tells us |
|---|---|---|---|---|
| Residential transactions | 18,663 in 2023 | 17,228 in 2025 | -7.7% | Fewer homes are changing hands |
| 2025 residential volume | 18,122 in 2024 | 17,228 in 2025 | -4.9% | Activity softened again |
| Q1 residential transactions | Previous-year Q1 | 3,443 | -16.6% YoY | Buyers became more cautious |
| Q1 high-rise transactions | Previous-year Q1 | 694 | -2.0% YoY | Condos held up much better |
| Q1 high-rise price index | Previous-year Q1 | 229.9 | +3.4% YoY | High-rise prices are still rising |
| Average high-rise transaction | ~RM580k in 2021 | ~RM630k in 9M 2025 | ~+9% | Appreciation has been gradual |
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Is Penang’s economy and semiconductor boom strong enough to push property prices much higher?
Penang’s economy and semiconductor expansion give the property market a solid base, but current housing data gives us little reason to expect a sudden jump in prices.
According to DOSM, Penang produced roughly RM130.3 billion of GDP in 2025. Manufacturing accounted for 47.3% of the economy and services another 46.7%, so together they represented 94%.
Penang also has a large base of export manufacturing, semiconductor, machinery, electronics, medical-device and professional jobs that support housing demand throughout the economic cycle.
The investment figures remain impressive. InvestPenang says the state attracted RM22.4 billion of approved manufacturing investment in 2025, of which RM15.2 billion came from foreign investors. The projects were expected to generate more than 24,000 jobs.
The semiconductor story is especially important around specific employment corridors. InvestPenang says machinery and equipment projects alone attracted around RM25 billion of approved investment between 2020 and 2025, more than 40% of Malaysia’s total in that sector.
Recent projects keep widening that ecosystem. Hotayi began a RM500 million smart-factory expansion in Batu Kawan that is expected to create about 1,000 skilled jobs. MKS Instruments opened its semiconductor manufacturing supercenter there. More recently, Eppendorf signed for a new €40 million production facility in Bandar Cassia Technology Park, with initial production planned for 2028.
Those investments help housing where employees can realistically live. A worker in Bayan Lepas may rent in Bayan Lepas, Bayan Baru, Sungai Ara, Relau or Gelugor. Batu Kawan factory growth can support Bandar Cassia, Batu Kawan and other mainland areas.
Yet residential transactions fell during the same period. Penang’s economic expansion strengthens the housing market, but the effect is highly local and does not justify higher prices everywhere.
Is Penang building too many homes for current demand?
Penang still has enough unsold housing to keep buyers cautious, and the weak sales rate of new launches is one of the clearest reasons not to chase developers today.
NAPIC recorded 4,659 newly launched homes in Penang in 2025. Only 1,467 were sold, giving the year a sales rate of 31.5%.
That compares with 40.5% in 2024 and 41.2% in 2023. Developers launched fewer units but sold an even smaller proportion of them.
Completed overhang has improved slightly. The number of completed unsold homes declined from 3,001 in 2023 to 2,796 in 2024 and 2,775 in 2025.
The pipeline deserves more attention. Penang still had 7,826 unsold homes under construction at the end of 2025. Another 1,310 unsold units had not begun construction, compared with only 194 a year earlier.
That last category increased more than sixfold.
Some of those homes will obviously sell before completion. Even so, the figures make the usual “Penang is an island, so property supply is scarce” argument far too simplistic. Land can be scarce while condominium supply remains plentiful.
| Penang residential supply | 2023 | 2024 | 2025 | What changed |
|---|---|---|---|---|
| New units launched | 5,208 | 6,381 | 4,659 | Developers reduced launches |
| New units sold | 2,148 | 2,586 | 1,467 | Sales dropped much faster |
| Launch sales rate | 41.2% | 40.5% | 31.5% | New-project absorption weakened |
| Unsold completed | 3,001 | 2,796 | 2,775 | Completed overhang is slowly improving |
| Unsold under construction | 5,093 | 7,723 | 7,826 | A large pipeline remains |
| Unsold, construction not started | 126 | 194 | 1,310 | Future supply risk jumped |
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Is Penang Island still worth paying much more for?
Penang Island is still worth paying extra for in the right location, although the roughly 68% island-mainland price gap is too large to ignore.
Recent NAPIC-based analysis puts the average residential price at about RM604,000 on Penang Island and RM360,000 on the mainland.
The island therefore costs roughly two-thirds more on this measure.
Part of that premium makes sense. Penang Island contains George Town, Bayan Lepas, the airport, major hospitals, international schools, mature shopping areas, the strongest tourism districts and many of the state’s most established neighbourhoods.
It also has physical constraints that Seberang Perai does not. Hills, the coastline and established urban areas restrict new land supply.
The mainland is catching up in ways that were harder to imagine a decade ago. Batu Kawan has become a serious manufacturing cluster, Bandar Cassia continues to grow, the Second Penang Bridge links the area directly with southern Penang Island, and the planned Mutiara LRT extension will eventually reach Penang Sentral.
Landed property makes the island scarcity story stronger. Established landed neighbourhoods in good island locations are genuinely difficult to reproduce, while high-rise supply can increase much more easily.
Will the Penang LRT actually raise nearby property prices?
The Mutiara LRT should help selected Penang properties over time, but anyone paying a large LRT premium now is paying years before the full transport benefit arrives.
The project has moved well beyond the proposal stage. The railway scheme for the Penang South Island-to-Komtar section was approved in 2024, construction started in 2025, and MRT Corp published fresh construction updates during 2026.
The latest official timeline also makes the mainland connection more concrete. Public inspection for the Macallum-to-Penang Sentral extension took place in 2026, the Segment 2 contractor was scheduled for appointment during the year, and construction on that section is expected to start in 2027.
Full operations are targeted for the end of 2031.
That six-year gap from the start of major construction is important. Interest costs, maintenance charges and opportunity cost continue while investors wait.
The strongest property effect should appear where the LRT fixes an existing transport problem. Bayan Lepas stands out because thousands of people already commute into its industrial zone every day. George Town should also benefit because the urban core has limited room to add roads.
A mediocre condominium will still be mediocre after a station opens nearby.
| Mutiara LRT milestone | Current status | Timing | Property implication |
|---|---|---|---|
| Penang South Island-Komtar scheme | Approved | 2024 | Project became real |
| First construction | Under way | From 2025 | Execution risk has fallen |
| Mainland extension public inspection | Completed | 2026 | Penang Sentral link became more credible |
| Segment 2 contractor | Planned/advancing | 2026 | Mainland phase is moving ahead |
| Macallum-Penang Sentral works | Planned | From 2027 | Mainland benefit remains years away |
| Full operations | Targeted | End-2031 | Buyers still need a long holding period |
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Is Bayan Lepas still one of the best places to buy property in Penang?
Bayan Lepas is still one of the safest Penang areas to buy today because jobs, transport investment and housing demand are already concentrated in the same place.
The industrial zone provides the first anchor. Bayan Lepas remains one of Malaysia’s most important electronics and semiconductor employment clusters, giving the surrounding housing market a tenant base that does not depend on tourists or second-home buyers.
The airport adds another layer. Penang International Airport is undergoing an expansion of roughly RM1.5 billion. Malaysia’s transport authorities say terminal floor area will increase from around 55,000 square metres to about 115,000 square metres, while passenger capacity is expected to rise from 6.5 million to 12 million a year.
That is close to a doubling of airport capacity.
Then comes the LRT, which runs through the southern island corridor before reaching George Town.
Current housing prices still cover a broad middle-market range. Brickz recorded 145 condominium transactions across 19 Bayan Lepas projects over the year to mid-2026, with a median transaction around RM600,000 and RM582 per square foot. The middle half of deals ranged roughly from RM495,000 to RM710,000.
That range keeps Bayan Lepas accessible enough to benefit from Penang’s strongest employment story without automatically entering the RM1 million-plus luxury market.
Is George Town property still worth buying at today’s prices?
George Town remains one of Penang’s safest places to own property, but current prices make it better for long-term wealth preservation and personal use than for chasing rental income.
The city has several demand pools at once. Residents, professionals, hospital workers, students, tourists, medical travellers and expatriates all use the same relatively compact area.
The UNESCO-listed historic core also has genuine physical and planning constraints. Conservation rules, small land parcels and established buildings make new supply harder to produce than in greenfield areas.
Buyers pay for those advantages.
Current rental-yield estimates put average gross residential yields in George Town around the high-3% range, while Malaysia as a whole is above 5%. Once maintenance fees, repairs, vacancy and agent costs are removed, the net return can become fairly thin.
A distinctive heritage property, a well-located home or an apartment beside a strong medical and commercial catchment can still hold value well over a long period.
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Is Batu Kawan a better property investment than Penang Island now?
Batu Kawan has more obvious upside than many mature island areas right now, but buyers have to accept much more future supply and a less proven residential market.
The growth story has become substantial. Batu Kawan and Bandar Cassia have attracted semiconductor, electronics, medical-technology and advanced-manufacturing investment, while the Second Penang Bridge gives the area direct road access to southern Penang Island.
Recent projects keep adding to the employment base. Hotayi’s RM500 million expansion is expected to create around 1,000 skilled jobs. Eppendorf’s new €40 million facility in Bandar Cassia Technology Park is another recent example of industrial investment moving onto the mainland.
Prices also start much lower. Across Penang, recent residential transaction analysis puts the mainland average at roughly RM360,000, compared with around RM604,000 on the island.
Batu Kawan’s problem is easy to see when driving through the area: there is plenty of room left to build.
That gives developers much more scope to respond to rising demand with new housing, which makes scarcity a weaker argument than on the island.
Can Penang rental yields make property worth buying purely for investment?
Typical Penang rental yields are too low for us to buy an expensive island property purely for cash flow.
Global Property Guide estimates Malaysia’s average gross residential rental yield at around 5.3% in 2026. Comparable George Town figures sit closer to the high-3% range.
Even 5% gross should not be confused with 5% in the owner’s pocket. Maintenance fees, sinking-fund contributions, repairs, furnishing, agent fees and empty periods reduce the return. Broader Malaysian estimates commonly put net yields around 1.5 to two percentage points below gross yields.
A property producing 3.7% gross can therefore end up around 2% to 2.5% net quite easily.
That becomes harder to justify when the buyer is also relying on a mortgage.
The more interesting income opportunities tend to sit around employment areas where purchase prices remain lower: parts of Bayan Lepas, Bayan Baru and the mainland. Even there, we would calculate the yield from the price people actually pay for resale units and the rent tenants actually sign for, rather than developer rental projections.
| Example gross yield | Property price | Annual gross rent | Possible net yield after normal costs | Our view |
|---|---|---|---|---|
| 3.5% | RM1,000,000 | RM35,000 | ~1.5%-2.0% | Weak for a pure investor |
| 4.0% | RM800,000 | RM32,000 | ~2.0%-2.5% | Needs appreciation as well |
| 5.0% | RM600,000 | RM30,000 | ~3.0%-3.5% | More interesting |
| 6.0% | RM500,000 | RM30,000 | ~4.0%-4.5% | Stronger if rent is sustainable |
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Is buying Penang property much worse for foreigners now?
Buying Penang property is currently much harder to justify for foreigners because the rules push them toward expensive homes and then add heavier transaction costs.
Penang’s state rules generally set the minimum foreign purchase price on Penang Island at RM1 million for strata property and RM3 million for landed property. On the mainland, the thresholds are generally RM500,000 for strata property and RM1 million for landed property.
Compare those limits with the market itself.
Recent analysis puts the average residential transaction on Penang Island at roughly RM604,000. A foreign buyer facing a RM1 million strata threshold cannot access a large part of the local mass market.
That removes many of the cheaper units where local demand is deepest.
Purchase costs also increased sharply. Under Malaysia’s 2026 rules, the transfer stamp-duty rate for non-citizens who are not permanent residents and for foreign companies rose from 4% to 8%. Malaysia’s Inland Revenue Board has confirmed that the new 8% rate applies to instruments submitted for stamping from 2026 onward.
Penang also requires state consent and charges a foreign acquisition levy.
| Issue | Malaysian buyer | Foreign buyer | Why it matters |
|---|---|---|---|
| Island strata purchase | Broad market access | Generally RM1m minimum | Much of the mass market is excluded |
| Island landed purchase | Broad market access | Generally RM3m minimum | Mostly premium stock remains |
| Mainland strata purchase | Broad market access | Generally RM500k minimum | More accessible |
| State foreign consent | Usually irrelevant | Required | More friction |
| Transfer stamp duty | Domestic progressive schedule | 8% foreign rate | Break-even price rises sharply |
| State foreign levy | None | Additional charge | Entry cost rises further |
Does Malaysia’s tax system make short-term Penang property investing a bad idea?
Short-term Penang property investing is especially unattractive for foreigners because taxes and transaction costs can swallow a large part of a modest capital gain.
Malaysia’s Real Property Gains Tax rules charge non-citizens and non-permanent residents 30% on taxable gains when the property is sold within the first five years.
After the fifth year, foreigners still face a 10% rate under the normal schedule. Malaysian citizens currently face no RPGT after year five.
Now combine the tax with the cost of entering and leaving the property.
A foreign buyer may pay the 8% transfer stamp duty, Penang’s state foreign levy, legal fees and financing costs when purchasing. Selling later can bring agent commissions, legal costs and RPGT.
A property can therefore rise 10% or even 15% without producing anything close to a 10% or 15% investment return.
We would only buy Penang real estate as a foreign investor if the property still made sense with a long holding period. A three-year resale plan needs an unusually large price increase just to overcome the friction.
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Should you buy a new Penang condo or a resale property now?
Resale property currently gives Penang buyers a better hand because new-project sales are weak enough that there is little reason to accept developer pricing without a clear advantage.
Only 31.5% of Penang homes launched in 2025 had sold during the year, down from more than 40% in each of the previous two years. More than 7,800 unsold homes were already under construction at year-end.
That is enough reason to inspect existing stock first.
With a completed building, we can see actual resale transactions, actual rents, maintenance quality, occupancy, sinking-fund health, traffic, noise and whether the sea view advertised in the brochure is partly blocked by another tower.
Older Penang condos can also sit in locations that would be prohibitively expensive to reproduce today.
A new project can still win when its launch price is close to surrounding resale values, the developer has a strong record, or the building offers something genuinely difficult to find elsewhere.
Where should you actually look for property in Penang now?
The best Penang area depends heavily on what we want from the property, but Bayan Lepas currently gives us the strongest all-round investment case.
Bayan Lepas combines industrial employment, airport expansion, established housing and future LRT access. It has enough local demand that the investment does not depend entirely on foreigners or holidaymakers.
George Town is stronger for scarcity and long-term ownership. We like it more for buyers who want a distinctive property, a home or a defensive asset than for investors chasing a high yield.
Tanjung Tokong and Tanjung Bungah remain attractive for lifestyle buyers, families and some expatriate tenants. The difficulty is price. A good neighbourhood does not automatically make a RM1.5 million condominium a good investment.
On the mainland, Batu Kawan offers one of Penang’s clearest growth stories. Butterworth can also make sense for investors who want a cheaper entry point, established amenities and access to Penang Sentral.
The area we would approach most carefully is the generic premium new-build segment. Penang already has plenty of condos with pools, gyms, sea views and impressive marketing. Those features alone create very little scarcity.
| Penang area | What makes it interesting now | Main problem | Best fit | Our current view |
|---|---|---|---|---|
| Bayan Lepas / Bayan Baru | Jobs, airport, LRT | Competing condo supply | Long-term investor | Strong |
| George Town | Scarcity, diverse demand | Low yields, expensive entry | Owner / capital preservation | Strong if bought well |
| Tanjung Tokong | Lifestyle, mature amenities | Premium prices | Owner-occupier | Selective |
| Tanjung Bungah | Family and expatriate demand | Mixed building quality | Long-term owner | Selective |
| Batu Kawan | Industrial growth, cheaper entry | Large development pipeline | Growth investor | Promising |
| Butterworth | Lower prices, Penang Sentral | Less island scarcity | Yield investor | Interesting |
| Generic luxury new launch | Amenities and marketing | Weak differentiation | Lifestyle buyer | Cautious |
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What could make Penang property prices rise faster than expected?
Penang property could perform much better than expected if job creation stays strong while developers continue cutting back on new supply.
The demand side already has several pieces in place.
Penang’s economy grew 7.3% in 2025. Approved manufacturing investment reached RM22.4 billion. Major electronics, semiconductor, machinery and life-science companies continue adding facilities. Penang International Airport is being expanded toward 12 million passengers a year. The Mutiara LRT is under construction and the mainland connection has moved further into implementation.
The interesting variable is housing supply.
Developers launched 4,659 Penang homes in 2025, down from 6,381 a year earlier. If weak launch sales keep developers cautious while industrial hiring and infrastructure improve, the existing stock of good homes could become noticeably tighter.
Bayan Lepas would probably feel that tightening first because employment, airport traffic and rail investment overlap there. Selected mainland areas could follow if Batu Kawan employment continues expanding without an equally fast wave of residential launches.
What could make buying Penang property now go badly?
The most realistic Penang property risk today is several years of mediocre returns after paying too much for an ordinary condo.
The warning signs are already visible.
Transaction volumes have fallen. New-launch sales dropped to 31.5% in 2025. Thousands of unsold units remain under construction. Another large batch of projects is further back in the pipeline.
Meanwhile, some new developments already price in the future LRT, semiconductor expansion, airport upgrade and island scarcity before buyers have received those benefits.
Foreign buyers face an even less forgiving equation because the 8% stamp duty and minimum-price rules push the break-even point higher.
There is also a mismatch between where much of Penang’s economic growth happens and what developers sometimes try to sell against it. A RM500 million factory creating engineering and production jobs can strengthen housing demand around Batu Kawan without doing much for a RM2 million sea-view condominium on the other side of the state.
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Should you buy real estate in Penang now?
Yes, we would buy real estate in Penang now, but only where the property already makes sense before we give it any credit for future LRT stations, airport growth or semiconductor expansion.
Penang has an unusually strong economic backdrop today. GDP grew 7.3% in 2025. Manufacturing investment reached RM22.4 billion. Major industrial projects are still being added. Airport capacity is being expanded substantially, and the Mutiara LRT has moved into construction.
At the same time, the housing market gives buyers room to negotiate. Residential transactions have weakened and developers sold less than one-third of their new launches in 2025. Unsold supply under construction also remains high.
For a Malaysian buying a home and planning to keep it for seven to ten years, Penang looks attractive today. Bayan Lepas is probably our strongest all-round choice, while George Town works well for buyers who value scarcity and personal use. Batu Kawan is the more aggressive option for investors willing to accept extra supply risk in exchange for a lower starting price.
For pure rental investors, we would demand roughly 5% gross yield or better unless the location gives us a particularly strong appreciation case.
Foreign buyers should be considerably pickier. The minimum purchase prices, 8% stamp duty, state charges and less favourable RPGT treatment mean an average Penang deal can become a poor foreign-investor deal once all costs are included.
The current market rewards buying an established property at a sensible transaction price and holding it through Penang’s industrial and infrastructure expansion.
If the property only looks attractive after we assume the LRT raises prices, semiconductor workers pay premium rents and future buyers accept a much higher valuation, we would leave it alone.
OUR METHODOLOGY
We approached this as a decision problem rather than a market-summary exercise. The analysis breaks the Penang property decision into the parts that materially affect it: market momentum, supply and absorption, economic and employment demand, infrastructure, location, rental economics, ownership costs, taxation and downside risk.
For each part, we prioritized recent evidence and the sources closest to the underlying facts. Official transaction and supply data were used for housing activity, government statistics for the economy, MRT Corp and the Ministry of Transport for infrastructure, InvestPenang and MIDA for approved investment, company announcements for individual industrial projects, and the relevant Malaysian authorities for foreign-buyer rules and taxation.
Current and observable conditions were given more weight than projected benefits. Committed infrastructure and industrial projects were treated as support for future demand, but not as proof that nearby property prices or rents will rise. When economic growth and housing-market activity pointed in different directions, we kept that tension in the analysis rather than forcing a single narrative.
Key sources used include: Department of Statistics Malaysia on Penang GDP and state growth, InvestPenang on approved manufacturing investment and jobs, InvestPenang on Penang’s machinery-and-equipment investment base, MIDA on Q1 2026 approved investments, NAPIC on 2025 launches and unsold residential supply, NAPIC on Q1 2026 Penang transactions, MRT Corp on Mutiara Line construction progress, MRT Corp on the Penang Sentral extension, Penang Land and Mines Office on foreign property acquisition, Malaysia’s 2026 Budget tax measures on foreign-buyer stamp duty, Inland Revenue Board of Malaysia on Real Property Gains Tax rates, and UNESCO on George Town’s World Heritage status.
Get to know the market before buying a property in Penang
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