As of June 2026, a foreign buyer should treat RM 1 million as the practical starting budget for a standard apartment in Penang Island, even though many local-market apartments in Penang sell for much less.
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This blog post covers apartment purchase prices in Penang as of June 2026, with a focus on what a foreign buyer would really pay.
We constantly update this blog post so the prices, taxes and Penang apartment market data stay close to the latest available evidence.
We focus only on residential apartments in Penang, not landed houses, shophouses, offices or commercial property.
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
- Penang apartment prices in 2026 look affordable on paper, but many units below RM 1 million may not be available to foreign buyers on Penang Island.
- The typical Penang Island apartment buyer should budget RM 520,000 to RM 650,000 for local-market stock, but a foreign buyer often needs a higher eligible purchase.
- Penang’s 2026 apartment market is not one single market: Ayer Itam and Gurney can differ by more than RM 7,000 per m².
- The new 8% foreign-buyer stamp duty changes the math in Penang because tax alone can add RM 80,000 on a RM 1 million apartment.
- Bayan Lepas and Bayan Baru are some of the most practical Penang apartment areas because demand is tied to jobs, airport access and industrial activity.
- Gurney Drive and Pulau Tikus are prestigious, but their higher apartment prices can make rental yields harder for an amateur investor.
- Older Penang apartments can look cheap, but lift quality, parking, sinking fund and building management can matter more than a small discount.
- Studios in Penang are not as common as family apartments, so small units often come from serviced-apartment schemes rather than traditional condos.
- A realistic foreign-buyer cash budget in Penang is usually the purchase price plus roughly 10% to 13% in buying costs if financing is used.
How much do apartments really cost in Penang in 2026?
What's the average and median apartment price in Penang in 2026?
As of June 2026, the median apartment price in Penang is roughly RM 480,000 to RM 520,000, which is about USD 119,000 to USD 129,000 or EUR 103,000 to EUR 112,000, while the average apartment price in Penang is closer to RM 600,000 to RM 700,000, or about USD 149,000 to USD 174,000 and EUR 129,000 to EUR 150,000.
For price per square meter, a realistic Penang apartment benchmark in 2026 is RM 5,200 to RM 5,900 per m², or about USD 1,290 to USD 1,470 and EUR 1,120 to EUR 1,270 per m², which is the same as roughly RM 483 to RM 548 per sq ft, or about USD 120 to USD 136 and EUR 104 to EUR 118 per sq ft.
For most standard apartments in Penang in 2026, a normal buyer will usually see prices from RM 350,000 to RM 900,000, or about USD 87,000 to USD 224,000 and EUR 75,000 to EUR 193,000, but foreign buyers must check the local minimum purchase threshold before assuming a cheaper unit is legally available.
Sources and methodology: we anchored the estimate with NAPIC / JPPH Malaysia, then checked sold prices on Brickz Penang transactions and live supply on PropertyGuru Malaysia.
We used transaction prices first because asking prices in Penang can be optimistic.
We also compared the results with our own Penang apartment model by neighborhood and unit size.
How much is a studio apartment in Penang in 2026?
As of June 2026, a typical studio apartment in Penang costs around RM 340,000, which is about USD 84,000 or EUR 73,000.
Entry-level to mid-range studio apartments in Penang usually cost RM 280,000 to RM 420,000, or about USD 70,000 to USD 104,000 and EUR 60,000 to EUR 90,000, while premium studio units in Gurney, Pulau Tikus or newer branded schemes can rise above RM 550,000, or about USD 137,000 and EUR 118,000.
Most studio apartments in Penang are about 40 to 55 m², with smaller city-edge units in George Town, Jelutong and Bayan Baru often pricing very differently from premium seafront units.
Sources and methodology: we compared Brickz George Town, Brickz Bayan Lepas condominium data and iProperty Malaysia.
We adjusted the result because true studio stock in Penang is limited.
We treated serviced apartments carefully because some units behave more like investment products than normal homes.
How much is a one-bedroom apartment in Penang in 2026?
As of June 2026, a typical one-bedroom apartment in Penang costs about RM 460,000, which is around USD 114,000 or EUR 99,000.
Entry-level to mid-range one-bedroom apartments in Penang usually cost RM 380,000 to RM 580,000, or about USD 94,000 to USD 144,000 and EUR 82,000 to EUR 124,000, while high-end one-bedroom apartments in Gurney, Pulau Tikus, Tanjung Tokong or seaview projects can move toward RM 700,000 to RM 1 million.
Most one-bedroom apartments in Penang are about 55 to 70 m², and the best value is often in George Town fringe, Jelutong, Gelugor, Bayan Baru and selected Bayan Lepas projects.
Sources and methodology: we used Brickz Penang, NAPIC latest publications and live listing checks on PropertyGuru Malaysia.
We converted recent psf evidence into m² prices for easier comparison.
We also checked whether small Penang apartments sit below foreign-buyer eligibility levels.
How much is a two-bedroom apartment in Penang in 2026?
As of June 2026, a typical two-bedroom apartment in Penang costs about RM 620,000, which is around USD 154,000 or EUR 133,000.
Entry-level to mid-range two-bedroom apartments in Penang usually cost RM 500,000 to RM 750,000, or about USD 124,000 to USD 186,000 and EUR 107,000 to EUR 161,000, while high-end or luxury two-bedroom apartments in Gurney, Pulau Tikus and prime north-coast projects often cost RM 900,000 to RM 1.8 million.
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Penang.
Sources and methodology: we compared Brickz Bayan Lepas condominiums, Brickz Tanjung Tokong and PropertyGuru Bayan Lepas listings.
We used 75 to 95 m² as the normal two-bedroom size band.
We then adjusted for age, parking, view, building quality and foreign-buyer threshold risk.
How much is a three-bedroom apartment in Penang in 2026?
As of June 2026, a typical three-bedroom apartment in Penang costs about RM 720,000, which is around USD 179,000 or EUR 155,000.
Entry-level to mid-range three-bedroom apartments in Penang usually cost RM 580,000 to RM 950,000, or about USD 144,000 to USD 236,000 and EUR 124,000 to EUR 204,000, while high-end or luxury three-bedroom apartments in Gurney, Pulau Tikus, Tanjung Tokong and Tanjung Bungah can run from RM 1.2 million to more than RM 2.5 million.
Most three-bedroom apartments in Penang are about 95 to 120 m², and the most liquid family-sized stock is often in Bayan Lepas, Bayan Baru, Gelugor, Jelutong and Tanjung Tokong.
Sources and methodology: we used Brickz state-wide transactions, Brickz Ayer Itam and NAPIC property market publications.
We separated older mass-market flats from standard condominiums.
We also checked our own neighborhood-level Penang price ranges to avoid mixing very different products.
What's the price gap between new and resale apartments in Penang in 2026?
As of June 2026, new apartments in Penang usually sell for about 15% to 30% more than comparable resale apartments, with the highest gaps in branded, seaview or lifestyle-led projects.
New-build apartments in Penang often price around RM 6,500 to RM 8,500 per m², or about USD 1,615 to USD 2,112 and EUR 1,395 to EUR 1,825 per m², with prime coastal projects going above that level.
Resale apartments in Penang often price around RM 4,800 to RM 6,500 per m², or about USD 1,193 to USD 1,615 and EUR 1,030 to EUR 1,395 per m², which is why resale can be the safer starting point for many amateur buyers.
Sources and methodology: we compared NAPIC market direction, sold-price data from Brickz and new-project evidence from NuProp.
We treated new-launch prices as asking evidence, not final transaction evidence.
We also adjusted for incentives, furnishing packages and sea-view premiums.
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Can I afford to buy in Penang in 2026?
What's the typical total budget (all-in) to buy an apartment in Penang in 2026?
As of June 2026, a foreign buyer should budget about RM 1.10 million to RM 1.13 million for an all-in RM 1 million apartment purchase in Penang, which is about USD 273,000 to USD 281,000 or EUR 236,000 to EUR 243,000.
This all-in Penang apartment budget usually includes the purchase price, 8% foreign-buyer transfer stamp duty, legal fees, loan stamp duty if financed, valuation, state consent items, registration, searches and small administrative costs.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Penang property pack.
Sources and methodology: we used LHDN Malaysia, PwC Malaysia stamp duty guidance and iProperty foreign-buyer guidance.
We built the estimate from separate cost lines instead of using a generic percentage.
We also checked the result against our own Penang foreign-buyer cost model.
What down payment is typical to buy in Penang in 2026?
As of June 2026, a foreign buyer in Penang should normally expect a 30% to 40% down payment, so a RM 1 million apartment would require about RM 300,000 to RM 400,000 upfront, or roughly USD 75,000 to USD 99,000 and EUR 64,000 to EUR 86,000 before closing costs.
Most Malaysian banks that lend to foreigners in Penang usually require at least 30% down, and some buyers without strong local income, MM2H status or clean banking documents may need 40% to 50% down.
For better mortgage terms in Penang, a foreign buyer should ideally plan for at least 40% down because a lower loan-to-value ratio can make the file easier for the bank to approve.
Sources and methodology: we checked iProperty Malaysia, Rumavi Penang foreigner guide and mortgage-market guidance from major Malaysian banks.
We used conservative ranges because foreigner lending depends heavily on profile.
We also separated down payment from taxes because buyers often confuse these two cash needs.
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Which neighborhoods are cheapest or priciest in Penang in 2026?
How much does the price per m² for apartments vary by neighborhood in Penang in 2026?
As of June 2026, apartment prices in Penang vary from about RM 3,500 per m² in lower-cost island areas to more than RM 13,500 per m² in prime seafront areas, or roughly USD 870 to USD 3,354 and EUR 751 to EUR 2,898 per m².
The most affordable Penang apartment neighborhoods include Ayer Itam, Paya Terubong, Jelutong and parts of Sungai Ara, where typical prices often sit around RM 3,500 to RM 5,800 per m², or about USD 870 to USD 1,441 and EUR 751 to EUR 1,245 per m².
The most expensive Penang apartment neighborhoods include Gurney Drive, Pulau Tikus, Tanjung Tokong and Tanjung Bungah, where typical prices often range from RM 5,600 to more than RM 13,500 per m², or about USD 1,391 to USD 3,354 and EUR 1,202 to EUR 2,898 per m².
Sources and methodology: we compared Brickz George Town, Brickz Tanjung Tokong and Brickz Ayer Itam.
We then checked listing depth on major portals to understand current supply.
We kept the ranges broad because Penang neighborhoods often mix old flats, condos and luxury towers.
What neighborhoods are best for first-time buyers on a budget in Penang in 2026?
As of June 2026, the top three budget-friendly Penang neighborhoods for first-time apartment buyers are Ayer Itam, Paya Terubong and Jelutong.
In these budget-friendly Penang areas, typical apartment prices usually run from RM 250,000 to RM 600,000, or about USD 62,000 to USD 149,000 and EUR 54,000 to EUR 129,000, depending on age, parking and building condition.
Ayer Itam, Paya Terubong and Jelutong offer cheaper island entry, local food, schools, bus access and practical links to George Town, which makes these neighborhoods easier to understand for a first-time buyer.
The main trade-off is that cheaper Penang apartment areas can have traffic, older buildings, smaller car parks and weaker management, so the lowest price is not always the lowest long-term cost.
Sources and methodology: we used Brickz Ayer Itam, Brickz George Town and PropertyGuru Malaysia.
We focused on real apartment supply, not just the cheapest advertised units.
We also included building-quality risk because it matters a lot in older Penang stock.
Which neighborhoods have the fastest-rising apartment prices in Penang in 2026?
As of June 2026, the Penang apartment neighborhoods with the most interesting price momentum are Bayan Lepas, Bayan Baru and selected parts of Gelugor.
In these faster-moving Penang apartment areas, a realistic year-over-year price increase is about 3% to 7%, with some better-located projects performing above weaker older buildings nearby.
The main growth driver is practical demand from the airport, industrial parks, offices, schools, bridge access and daily-use amenities, which makes south and central Penang apartment demand less dependent on tourism.
Sources and methodology: we checked NAPIC Q1 2026 materials, Penang Property Talk and Brickz Bayan Lepas condominium data.
We looked for momentum supported by transactions, not only agent narratives.
We treated premium coastal price growth carefully because high prices do not always mean better returns.
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What extra costs will I pay on top of the apartment price in Penang in 2026?
What are all the buyer closing costs when you buy an apartment in Penang?
For a typical RM 1 million foreign-buyer apartment purchase in Penang, total buyer closing costs are about RM 105,000 to RM 116,000, or roughly USD 26,000 to USD 29,000 and EUR 23,000 to EUR 25,000.
The main closing costs in Penang are transfer stamp duty, SPA legal fees, loan stamp duty if financed, loan legal fees, valuation, state consent items, registration, searches and disbursements.
For a foreign buyer in Penang in 2026, the largest closing cost is usually the 8% transfer stamp duty, which is RM 80,000 on a RM 1 million apartment.
Some Penang closing costs can vary, especially legal fees, valuation fees, bank-related costs and small administrative charges, but stamp duty is tax and should not be treated as negotiable.
Sources and methodology: we used LHDN stamp duty, PwC Malaysia and PropCashFlow foreign-buyer stamp duty guide.
We calculated the example from a RM 1 million purchase.
We also checked the result against our own foreign-buyer acquisition-cost worksheet.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Penang?
For a foreign buyer, closing costs for a Penang apartment usually equal about 10% to 13% of the purchase price if there is financing, or about 9.5% to 11.5% if the purchase is cash.
A realistic low-to-high range for standard foreign-buyer apartment transactions in Penang is about 9.5% to 13%, while local Malaysian buyers usually sit closer to 4% to 6% because they do not pay the foreigner 8% duty.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Penang.
Sources and methodology: we cross-checked LHDN, PwC Malaysia and iProperty Malaysia.
We separated cash purchases from financed purchases because loan costs change the percentage.
We rounded the final range so it stays easy for non-professional buyers to use.
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What are the ongoing monthly and yearly costs of an apartment in Penang in 2026?
What are typical HOA fees in Penang right now?
HOA fees in Penang are usually called maintenance fees and sinking fund charges, and a normal two-bedroom condo owner should budget about RM 350 to RM 550 per month, or roughly USD 87 to USD 137 and EUR 75 to EUR 118.
Across Penang apartments, realistic monthly maintenance fees range from about RM 80 to RM 180 for basic older buildings, or about USD 20 to USD 45 and EUR 17 to EUR 39, to RM 1,200 to RM 3,000 or more for luxury Gurney or premium seaview buildings.
Sources and methodology: we checked maintenance disclosures on PropertyGuru Malaysia, iProperty Malaysia and local Penang apartment listings.
We annualized and normalized the amounts where listings showed psf charges.
We also used our own building-age adjustment because older Penang condos can hide repair risk.
What utilities should I budget monthly in Penang right now?
A typical apartment owner in Penang should budget about RM 250 to RM 500 per month for utilities and basic connectivity, or about USD 62 to USD 124 and EUR 54 to EUR 107.
A light user in a smaller Penang apartment may spend closer to RM 180 per month, or about USD 45 and EUR 39, while heavy air-conditioning use can push monthly utilities above RM 600, or about USD 149 and EUR 129.
The usual Penang apartment utility budget includes electricity, water, sewerage, internet, cooking gas and small shared-service items not already included in the building bill.
Electricity is usually the most expensive utility for Penang apartment owners because air-conditioning use can change the monthly bill quickly.
Sources and methodology: we used TNB residential tariffs, PBAPP Penang water-tariff information and Indah Water domestic charges.
We assumed normal apartment use, not a short-stay unit running air-conditioning all day.
We kept the estimate simple because utility bills vary heavily by lifestyle.
How much is property tax on apartments in Penang?
A normal Penang Island apartment owner should budget about RM 300 to RM 1,200 per year for assessment tax, or roughly USD 75 to USD 298 and EUR 64 to EUR 258.
Property tax on Penang Island is assessed by MBPP using annual value and the applicable assessment rate, so the exact amount depends on the property and the municipal valuation rather than only the purchase price.
A realistic yearly property-tax range for Penang apartments is about RM 250 to RM 600 for cheaper units, RM 500 to RM 1,000 for mid-range apartments, and RM 900 to RM 2,000 or more for higher-value coastal units.
Sources and methodology: we used MBPP property assessment guidance, Penang apartment value bands and local ownership-cost checks.
We treated assessment tax as property-specific because actual bills can differ.
We also kept quit rent or parcel rent separate because it is usually much smaller.
What's the yearly building maintenance cost in Penang?
A standard Penang condo owner should budget about RM 3,600 to RM 7,200 per year for building maintenance, or roughly USD 894 to USD 1,789 and EUR 773 to EUR 1,546.
Depending on building age and quality, yearly maintenance in Penang can range from RM 1,000 to RM 2,500 for basic apartments, or about USD 248 to USD 621 and EUR 215 to EUR 537, to more than RM 15,000 for luxury coastal buildings.
Building maintenance in Penang usually covers security, lifts, cleaning, shared electricity, landscaping, management, minor repairs, insurance for common property and the sinking fund for larger works.
In Penang, building maintenance costs are normally the same thing buyers call HOA fees, although some buildings separate the maintenance fee and sinking fund on the bill.
Sources and methodology: we checked PropertyGuru Malaysia, iProperty Malaysia and Penang strata listing disclosures.
We converted monthly amounts into yearly costs for easier budgeting.
We added a practical reserve for older buildings because deferred maintenance is common in parts of Penang.
How much does home insurance cost in Penang?
A normal apartment owner in Penang should budget about RM 150 to RM 500 per year for contents insurance, or roughly USD 37 to USD 124 and EUR 32 to EUR 107.
A realistic annual home insurance range in Penang is about RM 100 to RM 300 for a basic building-share equivalent, RM 150 to RM 500 for contents cover, and RM 500 to RM 1,500 or more for higher-value contents or landlord coverage.
Home insurance for the building is often arranged through the strata management corporation, while contents and landlord insurance are usually optional but sensible for an apartment owner in Penang.
Sources and methodology: we checked Malaysian strata practice, insurer product ranges and ownership-cost disclosures from Penang apartment listings.
We separated building insurance from contents insurance because buyers often mix them up.
We also assumed normal residential use, not commercial short-stay operation.
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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 | Why this source matters | How we used it |
|---|---|---|
| NAPIC / JPPH Malaysia | It is Malaysia’s official property transaction and house-price data source. | We used it as the official baseline for the Penang property market. We treated private portals as support, not as the main source. |
| NAPIC Property Market Report and MHPI publications | These reports give official quarterly and annual property market context. | We used them to check Penang’s price direction in 2026. We also used them to frame overhang and new-launch risk. |
| REHDA Institute summary of NAPIC 2025 | It summarizes official NAPIC annual data in an easier market format. | We used it to verify recent residential transaction context. We also used it to compare Penang with larger Malaysian markets. |
| Brickz Penang transactions | It republishes Malaysian sold-price evidence from real transactions. | We used it to estimate current Penang residential median pricing. We preferred sold prices over asking prices whenever possible. |
| Brickz George Town | It gives sold-price evidence for a core Penang Island market. | We used it to benchmark central Penang apartment pricing. We adjusted for the mix of flats, apartments and luxury condos. |
| Brickz Bayan Lepas condominium data | It focuses on a major Penang apartment demand zone. | We used it for condo-specific pricing in the airport and industrial corridor. We compared it with broader area evidence to avoid overpricing older stock. |
| Brickz Tanjung Tokong | It covers a popular north-coast area for foreign buyers. | We used it to price the premium but not ultra-luxury coastal market. We used it as a check against Gurney and Pulau Tikus listing prices. |
| Brickz Ayer Itam | It helps measure the budget end of Penang Island. | We used it to estimate lower-cost island entry prices. We separated mass-market flats from better condo stock. |
| PropertyGuru Penang listings | It shows current asking supply across Penang apartments. | We used it to understand current seller expectations. We did not use asking prices as the main value benchmark. |
| iProperty Malaysia Penang listings | It is a major Malaysian property portal with broad listing coverage. | We used it to cross-check active supply and unit-size ranges. We compared listings with transaction data before setting final estimates. |
| LHDN Malaysia stamp duty | It is Malaysia’s official tax authority for stamp duty. | We used it to structure buyer transfer duty and loan stamp duty. We treated tax-firm summaries as secondary checks. |
| PwC Malaysia stamp duty | It clearly summarizes Malaysian stamp-duty rules. | We used it to cross-check the stamp-duty framework. We kept LHDN as the primary tax source. |
| PropCashFlow foreign-buyer stamp duty 2026 | It explains the 2026 foreign-buyer 8% duty in practical terms. | We used it to verify the foreign-buyer cost impact. We compared its examples with our own acquisition-cost calculations. |
| iProperty foreign-buyer guide | It tracks practical rules for foreigners buying property in Malaysia. | We used it to cross-check foreign-buyer rules and minimum-threshold context. We still recommend checking each property with a Penang lawyer. |
| Rumavi Penang foreigner guide | It focuses specifically on foreign buyers in Penang. | We used it to check state-level ownership issues. We treated it as a practical guide, not as a legal source. |
| TNB residential tariff | It is the electricity utility tariff source for Peninsular Malaysia. | We used it to estimate monthly electricity bills for Penang apartments. We assumed normal residential use, not luxury-level cooling. |
| PBAPP / PBAHB Penang water tariff | It comes from Penang’s water operator. | We used it to estimate water bills around the 2026 tariff change. We kept water as a small but visible monthly cost. |
| Indah Water domestic charges | It is Malaysia’s national sewerage company. | We used it for sewerage cost estimates. We treated sewerage as a fixed small monthly cost. |
| MBPP property assessment | It is the Penang Island local authority assessment source. | We used it to explain how assessment tax works on Penang Island. We estimated yearly tax because exact bills depend on each property. |
| Exchange-Rates.org USD to MYR 2026 history | It gives daily USD to MYR exchange-rate history. | We used June 2026 exchange-rate evidence for USD conversions. We rounded the conversions so readers can understand them quickly. |
| Exchange-Rates.org EUR to MYR 2026 history | It gives daily EUR to MYR exchange-rate history. | We used June 2026 exchange-rate evidence for EUR conversions. We treated currency amounts as approximate because exchange rates move daily. |
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