Get all the data you need about the real estate market in Penang
This blog post is regularly updated so the figures you see here reflect the latest available data for the Penang condo market in 2026.
Penang is one of Malaysia's most active property markets, and condo prices vary a lot depending on which neighborhood you look at.
Whether you are eyeing a seafront lifestyle in Tanjung Bungah or looking for an affordable entry point in Ayer Itam, this guide will help you understand how much a condo costs across the main Penang neighborhoods as of 2026.
And if you're planning to buy a property in Penang, you may want to download our real estate pack about Penang.
A quick summary table
| Metric | Value |
|---|---|
| Most expensive Penang neighborhood for condos | Gurney Drive |
| Most affordable Penang neighborhood for condos | Ayer Itam |
| Average condo price per square meter across all Penang neighborhoods | RM 5,900 |
| Median condo price across Penang | RM 430,000 |
| Lowest realistic starting budget to buy a condo in Penang | RM 150,000 |
| Most expensive Penang condo type by bedroom count | Two-bedroom |
| Most affordable Penang condo type by bedroom count | Studio |
| Average price for a studio condo in Penang | RM 250,000 |
| Average price for a one-bedroom condo in Penang | RM 390,000 |
| Average price for a two-bedroom condo in Penang | RM 570,000 |
| Price gap between Penang's most and least expensive condo neighborhoods | RM 8,360 per sqm (Gurney Drive vs Ayer Itam) |
| Price range across Penang condo neighborhoods | From RM 4,040/sqm to RM 12,400/sqm |
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Penang condo neighborhoods in 2026 ranked by purchase price
This table ranks the top neighborhoods in the Penang condo market by purchase price, from the most expensive to the most affordable.
For each neighborhood, the table includes the average price per square meter, the median property price, the starting budget, the average price for a studio condo, a one-bedroom condo, and a two-bedroom condo, the typical property type, the key advantages, the key drawbacks, and the market segment.
Finally, please note you'll find much more detailed data in our real estate pack about Penang.
| Rank | Neighborhood | Average Price per Square Meter | Median Property Price | Starting Budget | Average Price for a Studio Condo | Average Price for a One-Bedroom Condo | Average Price for a Two-Bedroom Condo | Typical Property Type | Key Pros | Key Cons | Market Segment |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gurney Drive | RM 12,400 | RM 2,800,000 | RM 650,000 | RM 575,000 | RM 920,000 | RM 1,495,000 | Luxury seafront condos | Best-known luxury address in Penang, walkable seafront retail, and the strongest prestige and resale visibility on the island | Very high prices, and older large units can mean high maintenance costs and a tighter fit for most budgets | Luxury |
| 2 | Pulau Tikus | RM 6,700 | RM 780,000 | RM 480,000 | RM 310,000 | RM 465,000 | RM 682,000 | Premium urban condos | Prime central Penang location near Gurney, hospitals, schools, and daily amenities without the full seafront price tag | Limited newer supply and a smaller transaction volume can make pricing harder to predict | Premium |
| 3 | Tanjung Bungah | RM 6,350 | RM 500,000 | RM 370,000 | RM 295,000 | RM 443,000 | RM 649,000 | Seaview lifestyle condos | Good sea views, international school access, and a stronger lifestyle appeal than most mid-priced Penang districts | Traffic on the coastal road and a wide quality gap between older stock and newer premium projects | Premium |
| 4 | Tanjung Tokong | RM 6,030 | RM 480,000 | RM 281,000 | RM 280,000 | RM 420,000 | RM 616,000 | Mixed condo stock | Strong mix of malls, seafront living, and a broad condo choice ranging from entry-level to luxury in Penang | Busy, built-up environment and some projects feel dense compared with quieter coastal neighborhoods | Premium |
| 5 | Bayan Baru | RM 5,600 | RM 500,000 | RM 200,000 | RM 234,000 | RM 364,000 | RM 520,000 | Newer mixed condos | Close to airport jobs, offices, and retail, with upside driven by newer premium Penang condo projects in the area | Huge pricing dispersion, so buyers must be careful not to overpay for weaker older stock | Premium |
| 6 | Bayan Lepas | RM 5,490 | RM 430,000 | RM 260,000 | RM 230,000 | RM 357,000 | RM 510,000 | Employment-corridor condos | Penang's biggest job corridor, strong everyday demand, and a broad condo supply well suited to owner-occupiers | Some zones feel very commercial, and traffic pressure can reduce the overall lifestyle appeal | Mid-Market |
| 7 | Gelugor | RM 5,380 | RM 384,000 | RM 303,500 | RM 225,000 | RM 350,000 | RM 500,000 | Central commuter condos | Strong Penang Bridge access and a central island location that makes commuting easier than many beach-side neighborhoods | The urban setting is less scenic, and some condo stock is more practical than aspirational | Mid-Market |
| 8 | Batu Ferringhi | RM 5,270 | RM 460,000 | RM 292,000 | RM 245,000 | RM 368,000 | RM 539,000 | Resort-style condos | Beachfront lifestyle and holiday-home appeal give Batu Ferringhi a very different feel from urban Penang districts | Resort demand can be cyclical, and some stock is older or less practical for everyday commuting | Mid-Market |
| 9 | George Town | RM 5,330 | RM 327,500 | RM 218,000 | RM 223,000 | RM 347,000 | RM 495,000 | Compact city condos | Central Penang city convenience, heritage-adjacent neighborhoods, and many smaller-ticket condo options for budget-conscious buyers | Older building stock is common, parking can be limited, and building quality varies a lot across projects | Mid-Market |
| 10 | Jelutong | RM 5,220 | RM 330,000 | RM 250,000 | RM 218,000 | RM 340,000 | RM 485,000 | Dense urban condos | Central island access with a lower buy-in than nearby prime coastal and core-city Penang neighborhoods | Congested streets, a dense surrounding environment, and less prestige than north-coast districts | Affordable |
| 11 | Sungai Ara | RM 4,950 | RM 350,000 | RM 260,000 | RM 207,000 | RM 322,000 | RM 460,000 | Family-sized condos | A practical Penang family area with schools, daily retail, and owner-occupier-friendly condo stock at accessible prices | Less prestige and fewer standout premium projects than northern coastal Penang neighborhoods | Affordable |
| 12 | Ayer Itam | RM 4,040 | RM 230,000 | RM 150,000 | RM 150,000 | RM 244,000 | RM 338,000 | Budget hill-edge condos | The lowest realistic island entry point for Penang condos, making it useful for first-time buyers who prioritize affordability above all | Older stock dominates, traffic can be frustrating, and the rental-demand profile is more locally driven | Budget |
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Key insights about condo purchase prices in Penang
Insights
- Gurney Drive Penang condos are in a league of their own: at RM 12,400 per sqm, the neighborhood costs nearly twice as much as the next most expensive area, Pulau Tikus, which sits at RM 6,700 per sqm.
- The starting budget gap across Penang is enormous. You need at least RM 650,000 to get into Gurney Drive, while Ayer Itam lets you start as low as RM 150,000, a difference of more than four times.
- Batu Ferringhi is not Penang's most expensive beach area despite its well-known beachfront image. At RM 5,270 per sqm, it sits below Tanjung Bungah (RM 6,350) and Tanjung Tokong (RM 6,030), both of which also offer sea-facing condos.
- Bayan Baru prices beat Bayan Lepas even though both areas sit in Penang's southern corridor. Newer premium condo projects in Bayan Baru push the average price per sqm to RM 5,600, compared with RM 5,490 in Bayan Lepas.
- Gelugor delivers strong value for central island living in Penang. At RM 5,380 per sqm with a median price of RM 384,000, it offers good Penang Bridge access without the north-coast pricing premium.
- The two-bedroom condo category is where Penang neighborhood price differences widen the most. A two-bedroom in Gurney Drive costs around RM 1,495,000, while the same size unit in Ayer Itam costs around RM 338,000, a gap of more than RM 1.1 million.
- Tanjung Tokong covers a very wide range despite its moderate median. While the neighborhood median sits at RM 480,000, some luxury waterfront projects there can rival the top Penang addresses in price per sqm.
- George Town stays relatively accessible because its condo stock includes many older urban buildings. At a median of RM 327,500, it is one of the more affordable central Penang neighborhoods for buyers who can accept older building quality.
- Sungai Ara is one of the most practical choices for Penang families buying a condo. It combines a reasonable entry budget around RM 260,000, a median price of RM 350,000, and a genuine owner-occupier community feel.
- Ayer Itam is clearly the island budget entry point for Penang condo buyers. With a median of RM 230,000 and studios starting at RM 150,000, it is the most affordable realistic option on Penang Island for first-time buyers.
- In Penang's premium tier, starting budgets do not always reflect the neighborhood's ceiling. Tanjung Bungah, for example, starts at RM 370,000, but its newer seaview condos can push well above the neighborhood median of RM 500,000.
- Budget buyers in Penang should focus more on building quality and age than on neighborhood name alone. Ayer Itam and Jelutong both offer affordable condos, but older building stock means buyers need to look carefully at maintenance and condition before committing.
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About our methodology
We want to be transparent about how we arrived at the Penang condo prices shown in this article.
We also believe it is important to show our reasoning. It is one of the ways we make our work solid, transparent, and rigorous, just as you will see in our real estate pack about Penang.
First, please note that this data is updated regularly, so what you see here reflects the current values as of today.
In order to get reliable data on Penang condo purchase prices, we applied a strict source filter. We only used authoritative, verifiable sources, not random listings or unsupported figures. More on that point below.
For each Penang neighborhood, we aggregated the freshest condo transaction data available. When possible, we cross-checked multiple sources to confirm the same price range.
This allowed us to estimate the average price per square meter and the median property price for each neighborhood.
We also calculated the starting budget, which represents the lowest realistic entry point to buy a condo in that Penang neighborhood. This is not the cheapest possible listing, but a real, achievable floor for a standard condo purchase.
For each condo category, we estimated an average purchase price based on local Penang market conventions. The typical size and layout of a studio, a one-bedroom, and a two-bedroom condo vary across neighborhoods, so we adapted our estimates accordingly.
These estimates were not applied as one flat number across the city. They were adjusted by neighborhood and condo type to better reflect local Penang ownership conditions and price levels.
This table should therefore be read as a structured market estimate, not as an exact guarantee of transaction prices. Honesty, quality, and rigor are at the core of our work, and they are also what you will find in our real estate pack about Penang.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our real estate pack about Penang, we rely on verifiable sources and a transparent methodology.
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 It's Authoritative | How We Used It |
|---|---|---|
| NAPIC | It is Malaysia's official national property information portal, run by the government. | We used it to confirm the official data framework for Malaysia property market statistics. We also used it to anchor our Penang condo analysis in government property-market reporting. |
| Brickz | It is a transaction-led property data platform owned by PropertyGuru, recording prices after stamp duty is paid. | We used it as the core source for area-level recent non-landed transaction data across Penang neighborhoods. We relied on it because stamp-duty-confirmed transactions are a strong basis for resale-market pricing. |
| Brickz Penang Condo Page | It aggregates recent Penang condominium transactions statewide in one place. | We used it to set the statewide Penang condo benchmark before ranking neighborhoods. We also used it to keep all neighborhood estimates realistic against the wider Penang condo market. |
| Brickz Pulau Tikus | It provides recent transacted non-landed pricing for one of Penang's most sought-after urban neighborhoods. | We used it to anchor Pulau Tikus pricing and market positioning. We also used it to calibrate premium city-fringe condo levels near Gurney Drive. |
| Brickz Tanjung Bungah | It provides recent transacted non-landed pricing for one of Penang's major seafront condo areas. | We used it to anchor Tanjung Bungah's median price and median price per sqm. We also used it to estimate realistic entry pricing and premium seaview upside in that neighborhood. |
| Brickz Tanjung Tokong | It provides recent transacted non-landed pricing for one of Penang's busiest and most diverse condo markets. | We used it to anchor Tanjung Tokong's recent transaction levels. We also used the project mix there to assess its blend of mass-market and upscale Penang condos. |
| Brickz Bayan Lepas | It provides recent transacted non-landed pricing for Penang's largest employment corridor. | We used it to anchor Bayan Lepas pricing. We also used it to keep the estimates tied to mainstream owner-occupier demand rather than new-launch marketing figures alone. |
| Brickz George Town | It provides recent transacted non-landed pricing for the capital area of Penang Island. | We used it to anchor George Town's median pricing. We also used it to capture the mix of older urban Penang condos and some pricier heritage-adjacent stock. |
| Brickz Ayer Itam | It provides recent transacted non-landed pricing for one of Penang Island's most affordable neighborhoods. | We used it to anchor the lower end of the Penang island condo market. We also used it to identify the most accessible major condo neighborhood in this ranking. |
| PropertyGuru Gurney Drive | It is a large live marketplace for current condo asking prices in Gurney Drive, one of the top Penang luxury addresses. | We used it because Gurney Drive does not appear as neatly as a single area-level dashboard in Brickz. We cross-checked current asking prices there to estimate the neighborhood average and unit-type pricing for 2026. |
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