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As of 2026, housing prices in Penang are shaped by one simple split: Penang Island is expensive, while mainland Penang is much more affordable.
In this article, we explain the current housing prices in Penang, using the latest figures we have checked and updated for June 2026.
We constantly update this blog post so buyers can follow the Penang property market with fresh and easy-to-read numbers.
And if you’re planning to buy a property in this place, you may want to download our pack covering the real estate market in Penang.
Insights
- The median housing price in Penang in 2026 is about RM 380,000, but the average is higher at RM 505,000 because expensive island homes pull the average up.
- A buyer with RM 500,000 to RM 800,000 has a realistic budget for many middle-market condos in Penang Island areas such as Bayan Lepas, Gelugor, and Jelutong.
- Mainland Penang still gives more space for the money, especially in Bukit Mertajam, Butterworth, and Perai, where landed houses remain more common.
- Prime Penang Island areas such as Gurney Drive, Pulau Tikus, and Tanjung Tokong often cost more than RM 550 per sq ft, especially for sea-view condos.
- Penang property listing prices in 2026 are often 5% to 10% above likely sale prices, with bigger gaps for older condos and overpriced luxury units.
- New homes in Penang usually cost 10% to 25% more than similar resale homes, mostly because of newer facilities, parking, security, and developer warranties.
- A foreign buyer in Penang should usually budget 10% to 15% extra before renovation because purchase taxes and professional fees can add up quickly.
- Penang housing prices have risen slowly from 2025 to 2026, with a gain of about 2% in nominal terms and almost flat growth after inflation.
- Luxury property in Penang is a narrow market, but good sea-view condos, heritage homes, and island landed homes can still exceed RM 2 million easily.
What is the average housing price in Penang in 2026?
The median housing price in Penang is often more useful than the average because the Penang market includes many affordable mainland homes and a smaller number of very expensive island properties.
We are writing this as of 2026, using the latest data collected from authoritative sources and manually double checked before publishing.
As of June 2026, the median housing price in Penang is about RM 380,000, which is around $93,500 or €81,000, while the average housing price in Penang is about RM 505,000, which is around $124,200 or €107,700. The average is higher because premium condos, heritage homes, semi-detached houses, and bungalows on Penang Island raise the overall number.
In 2026, about 80% of residential properties in Penang sit between RM 180,000 and RM 1,200,000, or about $44,300 to $295,300 and €38,400 to €255,900.
A realistic entry range in Penang in 2026 is RM 160,000 to RM 300,000, or about $39,400 to $73,800 and €34,100 to €64,000, for an older 600 to 750 sq ft flat or walk-up apartment in Bukit Mertajam, Butterworth, Air Itam, or parts of Jelutong.
A typical luxury property in Penang in 2026 costs around RM 900,000 to RM 3,500,000 or more, which is about $221,500 to $861,200 or more and €191,900 to €746,400 or more, for a sea-view condo, penthouse, renovated heritage townhouse, semi-detached house, or bungalow in Gurney Drive, Seri Tanjung Pinang, Tanjung Tokong, Tanjung Bungah, Pulau Tikus, or Batu Ferringhi.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Penang.
Are Penang property listing prices close to the actual sale price in 2026?
In Penang in 2026, actual sale prices are usually about 5% to 10% below listed prices, with 7% being a practical working estimate.
This gap exists because many Penang listing prices include room for negotiation, especially in older high-rise buildings where buyers have many similar units to compare. The gap is usually smaller for well-priced landed homes, renovated island units, and prime sea-view condos, but it can be larger for overpriced luxury stock or older condos in crowded blocks.
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What is the price per sq m or per sq ft for properties in Penang in 2026?
As of June 2026, the median price in Penang is about RM 3,843 per sq m, or RM 357 per sq ft, which is around $946 per sq m, $88 per sq ft, €820 per sq m, and €76 per sq ft. The average price in Penang is about RM 4,413 per sq m, or RM 410 per sq ft, which is around $1,086 per sq m, $101 per sq ft, €941 per sq m, and €87 per sq ft.
The highest price per sq m in Penang is usually found in modern sea-view condos, renovated heritage homes, and scarce landed homes on Penang Island, while the lowest price per sq m is usually found in older flats, walk-up apartments, and some mainland homes because land and housing supply are broader there.
The highest price per sq m in Penang in 2026 is usually in Gurney Drive, Pulau Tikus, Tanjung Tokong, Seri Tanjung Pinang, and Tanjung Bungah, often around RM 5,900 to RM 10,800 per sq m or more. The lowest price per sq m is usually in Nibong Tebal, Perai, older Bukit Mertajam, older Butterworth, and Balik Pulau, often around RM 1,940 to RM 3,770 per sq m.
How have property prices evolved in Penang?
From June 2025 to June 2026, property prices in Penang increased by about 2% in nominal terms. After inflation, Penang housing prices were almost flat, because local affordability limits kept the market from rising quickly.
From June 2024 to June 2026, Penang property prices likely rose by around 4% to 6% in nominal terms. The main support came from steady island demand, jobs around Bayan Lepas, medical demand, tourism, and continued interest in lifestyle areas such as Tanjung Tokong and Tanjung Bungah.
By the way, we’ve written a blog article detailing the latest updates on property price variations in Malaysia.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Penang.
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How do prices vary by housing type in Penang in 2026?
In Penang in 2026, condominiums, apartments, and serviced apartments make up about 45% of the residential market, terrace houses about 35%, flats and low-cost apartments about 10%, semi-detached houses about 5%, bungalows about 3%, and heritage or shophouse-style residential properties about 2%, because Penang Island is condo-heavy while mainland Penang has more landed homes.
As of June 2026, a flat or low-cost apartment in Penang averages about RM 160,000, or $39,400 and €34,100, while a standard apartment averages about RM 300,000, or $73,800 and €64,000. A condominium averages about RM 550,000, or $135,300 and €117,300, a terrace house about RM 650,000, or $160,000 and €138,600, a semi-detached house about RM 1,350,000, or $332,200 and €287,900, and a bungalow or villa about RM 2,500,000, or $615,200 and €533,200.
If you want to know more, you should read our dedicated analyses:
- How much should you pay for a house in Penang?
- How much should you pay for an apartment in Penang?
- How much should you pay for a condo in Penang?
How do property prices compare between existing and new homes in Penang in 2026?
In Penang in 2026, new homes usually cost about 10% to 25% more than comparable existing homes, with 15% being a sensible working estimate.
This premium exists because new Penang condos often come with newer facilities, better parking, stronger security, developer warranties, and modern layouts, although older freehold homes in better locations can still be more valuable than newer homes in weaker locations.
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How do property prices vary by neighborhood in Penang in 2026?
In Tanjung Tokong and Seri Tanjung Pinang, buyers mostly find condos, sea-view condos, serviced residences, and some landed homes, with prices around RM 700,000 to RM 1,600,000, or about $172,200 to $393,700 and €149,300 to €341,200. This part of Penang is popular with expats because it is close to Gurney, Straits Quay, international schools, sea views, and lifestyle amenities.
In Tanjung Bungah, buyers find older apartments, coastal condos, hillside homes, and some landed houses, with prices around RM 600,000 to RM 1,500,000, or about $147,600 to $369,100 and €128,000 to €319,900. Prices are high because Tanjung Bungah offers beach access, a quieter residential feel, and a strong expat community.
In George Town, Pulau Tikus, and Gurney, buyers find heritage homes, central condos, apartments, and luxury units, with prices around RM 550,000 to RM 2,500,000 or more, or about $135,300 to $615,200 or more and €117,300 to €533,200 or more. These areas are expensive because they combine walkability, hospitals, food, heritage, shopping, and central access.
You will find a much more detailed analysis by areas in our property pack about Penang. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Penang area | Market label | Typical home price | Typical price per sq m | Typical price per sq ft |
|---|---|---|---|---|
| Gurney Drive | Luxury and lifestyle | RM 900,000 to RM 3,500,000 $221,500 to $861,200 |
RM 7,500 to RM 12,900 $1,845 to $3,175 |
RM 697 to RM 1,200 $171 to $295 |
| Pulau Tikus | Prime family and medical | RM 700,000 to RM 2,500,000 $172,200 to $615,200 |
RM 6,500 to RM 11,000 $1,600 to $2,707 |
RM 604 to RM 1,022 $149 to $252 |
| Tanjung Tokong | Expat and coastal | RM 520,000 to RM 1,800,000 $128,000 to $442,900 |
RM 5,650 to RM 9,700 $1,390 to $2,386 |
RM 525 to RM 900 $129 to $221 |
| Tanjung Bungah | Expat and beach | RM 500,000 to RM 1,600,000 $123,000 to $393,700 |
RM 5,000 to RM 8,600 $1,230 to $2,116 |
RM 465 to RM 800 $114 to $197 |
| Batu Ferringhi | Beach and tourism | RM 460,000 to RM 1,500,000 $113,200 to $369,100 |
RM 4,500 to RM 8,100 $1,107 to $1,993 |
RM 417 to RM 750 $103 to $185 |
| George Town | Heritage and central | RM 420,000 to RM 1,800,000 $103,300 to $442,900 |
RM 5,050 to RM 9,700 $1,243 to $2,386 |
RM 469 to RM 900 $115 to $221 |
| Gelugor | Commute and family | RM 450,000 to RM 1,100,000 $110,700 to $270,700 |
RM 4,850 to RM 7,500 $1,193 to $1,845 |
RM 450 to RM 697 $111 to $171 |
| Jelutong | Central value | RM 350,000 to RM 650,000 $86,100 to $160,000 |
RM 4,300 to RM 6,500 $1,058 to $1,600 |
RM 400 to RM 604 $98 to $149 |
| Bayan Lepas | Work, airport, and family | RM 470,000 to RM 750,000 $115,700 to $184,500 |
RM 4,850 to RM 6,500 $1,193 to $1,600 |
RM 450 to RM 604 $111 to $149 |
| Sungai Ara | Family and airport | RM 420,000 to RM 800,000 $103,300 to $196,900 |
RM 4,300 to RM 6,000 $1,058 to $1,476 |
RM 400 to RM 557 $98 to $137 |
| Butterworth | Mainland commute | RM 400,000 to RM 650,000 $98,400 to $160,000 |
RM 3,200 to RM 4,850 $787 to $1,193 |
RM 300 to RM 450 $74 to $111 |
| Bukit Mertajam | Mainland family value | RM 300,000 to RM 650,000 $73,800 to $160,000 |
RM 2,700 to RM 4,300 $664 to $1,058 |
RM 250 to RM 400 $62 to $98 |
How much more do you pay for properties in Penang when you include renovation work, taxes, and fees?
In Penang in 2026, a buyer should usually budget about 5% to 10% extra before renovation as a Malaysian buyer, and about 10% to 15% extra before renovation as a foreign buyer.
For a property around $200,000, or about RM 813,000, a buyer in Penang may pay roughly RM 40,000 to RM 80,000 extra before renovation, then another RM 50,000 to RM 150,000 if the home needs a serious upgrade. This means the final cash budget can easily move from RM 813,000 to around RM 900,000 to RM 1,040,000.
For a property around $500,000, or about RM 2,032,000, a buyer in Penang may pay roughly RM 120,000 to RM 250,000 extra before renovation, with renovation often adding RM 100,000 to RM 350,000 depending on size and condition. This means a practical total budget can move toward RM 2,250,000 to RM 2,630,000.
For a property around $1,000,000, or about RM 4,064,000, a buyer in Penang may pay roughly RM 300,000 to RM 650,000 extra before renovation, especially if the buyer is foreign or the property is a luxury island home. With a major renovation, the total budget can move beyond RM 4,700,000 and sometimes much higher.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Malaysia.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Penang
| Extra cost | Type | Estimated cost in Penang |
|---|---|---|
| MOT stamp duty | Tax | For many Malaysian buyers, the stamp duty is usually tiered from 1% to 4% depending on the property price. For foreign buyers, the budget should be higher. A common range is RM 5,000 to RM 80,000 or more, which is about $1,200 to $19,700 or more. |
| Legal fee for SPA | Fee | The legal fee for the sale and purchase agreement often sits around 0.5% to 1.0% for many normal purchases. In practical terms, buyers should expect about RM 3,000 to RM 15,000, or about $700 to $3,700. |
| Loan agreement stamp duty | Tax and financing | This is commonly around 0.5% of the loan amount. For many mid-market Penang purchases, this can mean about RM 1,000 to RM 5,000, or about $250 to $1,200. |
| Valuation fee | Financing | Banks often require a valuation when the purchase is financed with a loan. A simple budget is RM 800 to RM 3,000, or about $200 to $740, depending on property value and bank process. |
| Bank, disbursement, and admin costs | Financing | These smaller costs can still add up at completion. Buyers should often budget around RM 500 to RM 2,000, or about $120 to $490. |
| Agent fee | Transaction | In many Penang resale deals, the agent fee is usually paid by the seller. Still, buyers should confirm the arrangement because the fee can be indirectly reflected in the final asking price. |
| Light renovation | Renovation | A light refresh can include repainting, basic repairs, lighting, curtains, appliances, and small furniture upgrades. A practical Penang budget is RM 20,000 to RM 60,000, or about $4,900 to $14,800. |
| Full apartment renovation | Renovation | A full apartment renovation can include kitchen, bathrooms, wiring, flooring, built-ins, air-conditioning, and appliances. A realistic range is RM 60,000 to RM 180,000, or about $14,800 to $44,300. |
| Landed-house renovation | Renovation | A landed-house renovation can become expensive because of roof, structure, plumbing, bathrooms, external works, and larger floor areas. A practical range is RM 100,000 to RM 400,000 or more, or about $24,600 to $98,400 or more. |
We made this infographic to show you how property prices in Malaysia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Penang in 2026 with different budgets?
With $100,000, or about RM 406,000, there is a real Penang property market, but it is mostly older, smaller, or mainland-focused: a 650 to 750 sq ft older apartment in Air Itam, an existing 900 to 1,100 sq ft condo in Butterworth, or an older 1,000 to 1,300 sq ft terrace house in Bukit Mertajam.
With $200,000, or about RM 813,000, a buyer can target a 900 to 1,100 sq ft existing or recent condo in Bayan Lepas, a 1,100 to 1,300 sq ft existing condo in Gelugor or Jelutong, or a 1,500 to 2,000 sq ft existing terrace house in Butterworth or Bukit Mertajam.
With $300,000, or about RM 1,219,000, a buyer can look at a 1,200 to 1,500 sq ft existing condo in Tanjung Tokong, a 1,300 to 1,600 sq ft existing condo in Tanjung Bungah, or a 2,000 sq ft existing terrace or semi-detached home in Gelugor or Bayan Lepas.
With $500,000, or about RM 2,032,000, a buyer can reach a 1,800 to 2,500 sq ft luxury existing condo in Gurney, Pulau Tikus, or Tanjung Tokong, a renovated semi-detached house in Tanjung Bungah or Gelugor, or a large modern landed home in Bukit Mertajam or Butterworth.
With $1,000,000, or about RM 4,064,000, a buyer is firmly in the Penang luxury market and can consider a large sea-view condo or penthouse in Gurney Drive or Tanjung Tokong, a bungalow or large semi-detached house in Tanjung Bungah or Pulau Tikus, or a renovated heritage townhouse in George Town.
With $2,000,000, or about RM 8,128,000, the Penang market becomes thin and selective, but a buyer can target a prime bungalow near Pulau Tikus, Tanjung Bungah, or Gurney, a large sea-facing villa in Batu Ferringhi or Tanjung Bungah, or several high-end condos in Tanjung Tokong, Gurney, or George Town.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Malaysia.
What sources have we used to write this blog article?
Whether it’s in our blog articles or the market analyses included in our property pack about Penang, we always rely on the strongest methodology we can … and we don’t throw out numbers at random.
We also aim to be fully transparent, so below we’ve listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source used | Why the source is useful | How we used the source |
|---|---|---|
| NAPIC / JPPH Property Market Report 2025 | This is Malaysia’s official property market reporting source under the Valuation and Property Services Department. | We used it as the official anchor for market direction and transaction context. We also used it to check whether private transaction data looked realistic. |
| NAPIC Malaysian House Price Index archive | This is Malaysia’s official house price index publication page. | We used it to frame Penang housing prices against Malaysia’s official residential price index. We did not use it for micro-neighborhood pricing. |
| NAPIC data visualisation portal | This official portal helps verify transactions, prices, and residential property categories. | We used it to validate the broad residential market base. We also used it to check property type and price-band assumptions. |
| Bank Negara Malaysia exchange rates | Bank Negara Malaysia is Malaysia’s central bank, so it is the best official source for MYR exchange-rate references. | We used the 9 June 2026 rates of USD/MYR 4.0640 and EUR/MYR 4.6890. We converted RM values into USD and EUR using those rates. |
| DOSM annual CPI 2025 | DOSM is Malaysia’s official statistics agency. | We used it to understand inflation-adjusted price movement. We used Malaysia CPI because it is the cleanest comparable inflation base. |
| OpenDOSM consumer prices dashboard | OpenDOSM is Malaysia’s official open-data platform for statistics. | We used it to check the latest CPI context available around June 2026. We used it as a sanity check for real price movement. |
| Brickz Penang transaction data | Brickz publishes transaction-based Malaysian property data and is widely used for checking actual sale evidence. | We used it for Penang’s recent median transaction price and price per square foot. We treated it as a transaction-data proxy, not as an official government source. |
| Brickz Tanjung Tokong | This page gives localized transaction evidence for one of Penang’s premium residential areas. | We used it to estimate premium island prices and expat-area pricing. We cross-checked it with listing portals because luxury listings can sit above closed prices. |
| Brickz George Town | This page gives transaction evidence for Penang’s central heritage and city area. | We used it for central island pricing. We adjusted ranges upward for renovated heritage and luxury stock because medians can miss the best assets. |
| Brickz Bayan Lepas | This page gives localized transaction evidence for the airport, industrial, and family-condo corridor. | We used it for mid-market condo and landed estimates. We cross-checked it with listings because newer condos can price above local medians. |
| PropertyGuru Penang listings | PropertyGuru is one of Malaysia’s major property portals and gives current asking-price evidence. | We used it to estimate asking-price ranges and buyer choice in June 2026. We did not treat asking prices as closed prices. |
| iProperty Penang listings | iProperty is a major Malaysian property portal with live agent listings. | We used it to cross-check listing supply, property types, and advertised price per square foot. We applied a discount to estimate likely sale prices. |
| Mudah Penang listings | Mudah is a large Malaysian classifieds marketplace with broad resale coverage. | We used it to check lower-priced and resale listings. We mainly used it to understand what a normal buyer might actually see online. |
| LHDN stamp duty information | LHDN is Malaysia’s Inland Revenue Board and the official source for stamp duty administration. | We used it for tax and purchase-cost logic. We combined it with market practice for legal fees, valuation, loan costs, and renovation allowances. |
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