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If you're a foreigner thinking about buying property in Penang, you're probably wondering what your money can actually get you in this Malaysian state.
In this guide, we break down what you can realistically buy at different budget levels, from $100k all the way to luxury, with current housing prices in Penang as of January 2026.
We constantly update this blog post to reflect the latest market conditions, exchange rates, and regulations affecting foreign buyers in Penang.
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.
What can I realistically buy with $100k in Penang right now?
Are there any decent properties for $100k in Penang, or is it all scams?
At $100k (around RM405,000 in early 2026), the honest reality is that this budget falls below the minimum price threshold that foreigners face in Penang, which means you likely cannot legally purchase property in your own name at this level.
Penang's foreign buyer minimums typically sit at around RM500,000 for mainland stratified properties and RM1 million for island stratified properties, so $100k simply does not clear these hurdles unless a special policy window is active.
If you were a Malaysian citizen or permanent resident, this budget would get you into value neighborhoods like Bukit Mertajam, Seberang Jaya, Perai, or Alma on the mainland, or older stock in areas like Ayer Itam or Farlim on the island.
As for popular or upscale areas like George Town, Tanjung Tokong, or Batu Ferringhi, a $100k budget will not get you anything, not even a tiny unit, because you are both priced out and under the foreigner threshold.
What property types can I afford for $100k in Penang (studio, land, old house)?
At RM405,000, the realistic options in Penang (for eligible buyers) are older condominiums or walk-up apartments, typically ranging from 500 to 900 square feet depending on condition and exact location.
Properties at this price point are usually "livable but dated," meaning you should budget an additional RM30,000 to RM80,000 for basic renovations like rewiring, plumbing fixes, kitchen and bathroom refresh, and fresh paint.
Among the available options at this level, older condos in practical mainland locations like Bukit Mertajam or Seberang Jaya tend to offer the best long-term value because they have steady local demand from families and working professionals.
What's a realistic budget to get a comfortable property in Penang as of 2026?
As of early 2026, a foreign buyer looking for a comfortable, straightforward purchase in Penang typically needs at least RM650,000 to RM900,000 (around $160,000 to $220,000 or EUR 150,000 to EUR 205,000) on the mainland, or RM1.1 million to RM1.6 million (around $270,000 to $395,000 or EUR 250,000 to EUR 370,000) on Penang Island.
Most foreign buyers find that reaching a comfortable standard in Penang requires landing in the RM800,000 to RM1.3 million range, which opens up newer condos with proper facilities and better management.
In Penang, "comfortable" generally means a 2 to 3 bedroom unit of around 900 to 1,300 square feet, in a building with security, a pool, and good maintenance, located in a convenient area with access to shops and transport.
The required budget can vary dramatically depending on location: mainland areas like Bukit Mertajam offer comfort at RM700,000, while island neighborhoods like Tanjung Tokong or Bayan Lepas often push past RM1 million for similar comfort levels.
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What can I get with a $200k budget in Penang as of 2026?
What "normal" homes become available at $200k in Penang as of 2026?
As of early 2026, a $200k budget (around RM810,000) unlocks "normal home" options in Penang, particularly newer 2 to 3 bedroom condos on the mainland in areas like Bukit Mertajam, Alma, Juru, and Seberang Jaya, or older 2-bedroom condos on the island in neighborhoods like Jelutong, Sungai Dua, and parts of Gelugor.
At this budget in Penang, you can typically expect sizes ranging from 900 to 1,600 square feet, with mainland properties generally offering more space per ringgit than island properties due to lower price-per-square-foot levels.
By the way, we have much more granular data about housing prices in our property pack about Penang.
What places are the smartest $200k buys in Penang as of 2026?
As of early 2026, the smartest neighborhoods to buy at $200k (RM810,000) in Penang are Bukit Mertajam and Alma on the mainland, along with Seberang Jaya and Perai, which offer the best combination of value, amenities, and resale liquidity.
These areas stand out as smarter buys because they have deeper buyer demand from local families and working professionals, better infrastructure, and more space per ringgit compared to island options at the same price point.
The main growth factor driving value in these smart-buy areas is Penang's expanding mainland infrastructure, including improved highway connections to the bridges and the upcoming LRT Mutiara Line, which began construction in January 2026 and is expected to reshape property values around future stations.
We have made this infographic to give you a quick and clear snapshot of the property market in Malaysia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
What can I buy with $300k in Penang in 2026?
What quality upgrade do I get at $300k in Penang in 2026?
As of early 2026, moving from $200k to $300k (around RM1.2 million) in Penang gives you a meaningful quality upgrade, including better project quality with improved security and facilities, more "expat-friendly" layouts with 2 bedrooms plus a study, and access to better-managed buildings in more convenient locations.
Yes, $300k can buy a property in a newer building in Penang right now, especially on the mainland, and even on the island in areas like Bayan Lepas or Bayan Baru, though new projects in the prime northeast corridor (like Tanjung Tokong) can quickly exceed this budget.
At this budget, specific features that become available include better connectivity to employment nodes like Bayan Lepas industrial area, swimming pools and gyms that are actually maintained, covered parking, and 24-hour security with proper access control.
Can $300k buy a 2-bedroom in Penang in 2026 in good areas?
As of early 2026, $300k (around RM1.2 million) can definitely buy a 2-bedroom property in good areas of Penang, as this budget clears the commonly cited RM1 million island threshold for foreigners and gives you real selection power rather than "anything available."
Specific good areas in Penang where 2-bedroom options are commonly available at this budget include Bayan Lepas, Bayan Baru, Jelutong, Gelugor, Sungai Dua, and parts of Tanjung Tokong, depending on the project and its age.
A $300k 2-bedroom in Penang typically offers around 900 to 1,300 square feet (85 to 120 square meters) on the island, with mainland options sometimes stretching larger due to lower price-per-square-foot levels.
Which places become "accessible" at $300k in Penang as of 2026?
At $300k (around RM1.2 million), neighborhoods that become accessible to foreign buyers in Penang include Tanjung Tokong (selected older-to-mid age condos), Bayan Lepas (better projects closer to employment), and the Gurney/George Town fringe (usually smaller or older stock, but more plausible).
These newly accessible areas are desirable because they offer proximity to Penang's lifestyle attractions like Gurney Plaza, George Town heritage zone, and the beaches, plus better connectivity to the airport and industrial employment centers in Bayan Lepas.
In these newly accessible areas, foreign buyers can typically expect a well-managed condo of around 1,000 to 1,200 square feet with good facilities, though the exact unit will depend on whether you prioritize location (smaller unit in prime spot) or space (larger unit slightly farther out).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Penang.
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What does a $500k budget unlock in Penang in 2026?
What's the typical size and location for $500k in Penang in 2026?
As of early 2026, a $500k budget (around RM2 million) in Penang typically gets you a condo of 1,300 to 2,200 square feet (120 to 205 square meters) in strong island locations, or the possibility of landed property on the mainland or in less central island pockets like Balik Pulau.
Yes, $500k can buy a family home with outdoor space in Penang, most plausibly on the mainland in areas like Bukit Mertajam, Alma, Juru, Simpang Ampat, or Nibong Tebal, or on the island in areas like Balik Pulau or Teluk Kumbar.
At $500k in Penang, the typical offering is a 3-bedroom, 2-bathroom property, with some options stretching to 4 bedrooms in landed homes or 3-bedrooms-plus-study in higher-end condos with premium facilities.
Finally, please note that we cover all the housing price data in Penang here.
Which "premium" neighborhoods open up at $500k in Penang in 2026?
At $500k (around RM2 million), the premium neighborhoods that open up in Penang include Tanjung Tokong and parts of Tanjung Bungah (good condos, sometimes sea-view stacks), as well as Batu Ferringhi (more feasible for older condos than for prime landed property).
These neighborhoods are considered premium in Penang because they offer sea views or beach proximity, are close to international schools and expat amenities, and have a lifestyle reputation among both locals and foreigners for dining, leisure, and coastal living.
For $500k in these premium neighborhoods, foreign buyers can realistically expect a well-appointed 2 to 3 bedroom condo of around 1,200 to 1,800 square feet, often with sea views or premium facilities, though true waterfront units in the best stacks may push slightly higher.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Malaysia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What counts as "luxury" in Penang in 2026?
At what amount does "luxury" start in Penang right now?
In Penang in early 2026, the luxury real estate threshold typically starts at around RM2.5 million for high-end condos (about $620,000 or EUR 575,000) and RM3 million to RM5 million or more for island landed property (about $740,000 to $1.2 million or EUR 690,000 to EUR 1.15 million).
Entry-level luxury in Penang is defined by prime seafront or hilltop locations, branded or ultra-high-specification projects, top-tier facilities like infinity pools and concierge services, and exclusive low-density developments with privacy and prestige.
Compared to other Southeast Asian markets, Penang's luxury threshold is lower than Singapore or Hong Kong but comparable to other Malaysian destinations like Kuala Lumpur, making it relatively accessible for foreign buyers seeking premium coastal lifestyle properties.
For mid-tier luxury in Penang, expect to pay RM3 million to RM5 million (about $740,000 to $1.2 million or EUR 690,000 to EUR 1.15 million), while top-tier luxury properties, especially prime island landed homes in exclusive enclaves, can exceed RM10 million (about $2.5 million or EUR 2.3 million).
Which areas are truly high-end in Penang right now?
The truly high-end neighborhoods in Penang right now are Gurney Drive and Pulau Tikus (prime city lifestyle), Tanjung Bungah (selected enclaves and higher-end condos), Batu Ferringhi (premium coastal lifestyle with sea-view premiums), and parts of George Town heritage-adjacent prime pockets.
These areas are considered truly high-end in Penang because they offer seafront addresses or heritage prestige, proximity to top dining and leisure amenities, low-density living with privacy, and established reputations among wealthy locals and international buyers.
The typical buyer profile for these high-end areas includes successful local business owners, returning Malaysians from Singapore or overseas, foreign retirees under the MM2H program, and regional investors from Singapore, Hong Kong, and mainland China seeking lifestyle or second-home properties.
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How much does it really cost to buy, beyond the price, in Penang in 2026?
What are the total closing costs in Penang in 2026 as a percentage?
As of early 2026, foreign buyers purchasing residential property in Penang should expect total closing costs of around 10% to 14% of the purchase price for cash buyers, or 11% to 16% if financing with a mortgage (which adds loan agreement stamp duty, valuation, and bank legal fees).
The realistic low-to-high percentage range that covers most standard foreign buyer transactions in Penang is 10% to 16%, depending on whether you pay cash or use financing and how complex the consent and documentation process becomes.
The specific fee categories that make up these closing costs in Penang are federal stamp duty for foreign buyers (now 8% from January 2026), Penang state foreign buyer levy (around 3%), legal fees based on the Solicitors' Remuneration Order 2023, and state consent and administrative fees.
To avoid hidden costs and bad surprises, you can check our our pack covering the property buying process in Penang.
How much are notary, registration, and legal fees in Penang in 2026?
As of early 2026, legal fees for property purchases in Penang are based on the Solicitors' Remuneration Order 2023 and typically range from RM5,000 to RM15,000 (about $1,200 to $3,700 or EUR 1,150 to EUR 3,450) depending on purchase price, plus disbursements for land searches, registration, and administrative costs.
These fees typically represent around 0.7% to 1.2% of the property price in Penang, with the percentage decreasing as the purchase price increases, though foreigner consent and administrative complexity can add to the total.
In Penang, the most expensive of these fees is usually the legal/conveyancing fee itself, as Malaysia does not use a "notary" system and instead relies on lawyer-led conveyancing, with registration and disbursement fees being comparatively smaller add-ons.
What annual property taxes should I expect in Penang in 2026?
As of early 2026, annual property taxes in Penang consist of assessment tax (cukai taksiran) and quit rent (cukai tanah), with a typical condo owner paying somewhere between RM500 and RM3,000 per year (about $120 to $740 or EUR 115 to EUR 690) depending on property value and location.
Assessment tax in Penang is based on the annual rental value multiplied by the council rate, which typically works out to less than 1% of property value per year, while quit rent is charged per square meter of land.
Property taxes vary in Penang based on whether you are on the island (billed by MBPP) or mainland (billed by MBSP), and Penang announced higher quit rent rates effective January 2026, with residential urban land tax moving to RM0.70 per square meter with minimums.
Certain exemptions or reductions may apply for owner-occupied properties or specific categories, but these are generally limited for foreign buyers, and you should confirm eligibility with your lawyer or the relevant council.
You can find the list of all property taxes, costs and fees when buying in Penang here.
Is mortgage a viable option for foreigners in Penang right now?
Yes, mortgage financing is sometimes available to foreigners in Penang, but it is more restrictive than for locals, with banks typically offering lower loan-to-value ratios and requiring stronger documentation, especially for non-residents without PR or MM2H status.
Foreign buyers in Penang can typically expect loan-to-value ratios of around 60% to 70% (compared to 80% to 90% for locals), with interest rates varying from around 4% to 5.5% depending on the bank and borrower profile.
To qualify for a mortgage in Penang, foreign buyers typically need clear overseas income proof, strong bank statements showing consistent funds, a larger down payment (often 30% to 40%), and ideally a property that clearly meets foreign ownership thresholds with clean title and consent path.
You can also read our latest update about mortgage and interest rates in Malaysia.
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 should I predict for resale and growth in Penang in 2026?
What property types resell fastest in Penang in 2026?
As of early 2026, the property types that resell fastest in Penang are mass-market, well-located condos near employment and transport arteries (especially in Bayan Lepas, Bayan Baru, and the Jelutong-Gelugor belt), along with family-friendly mainland homes in practical nodes like Bukit Mertajam and Seberang Jaya.
For a good, correctly priced unit in a deep-demand area of Penang, the typical time on market is around 2 to 4 months, while overpriced or oversupplied condo stock can sit for 6 to 12 months or longer.
The characteristics that make certain property types sell faster in Penang are proximity to the Bayan Lepas industrial hub (which employs tens of thousands of high-skill workers), practical sizes that fit local family budgets, and location along future LRT Mutiara Line stations that are reshaping growth corridors.
The slowest-selling property types in Penang tend to be overpriced prestige condos in oversupplied northeast corridor projects, very large luxury units that appeal to a narrow buyer pool, and properties in poorly managed buildings with high maintenance fees and deferred repairs.
If you're interested, we cover all the best exit strategies in our real estate pack about Penang.
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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 It's Authoritative | How We Used It |
|---|---|---|
| NAPIC (JPPH, Ministry of Finance) | Malaysia's official property data portal under the Ministry of Finance. | We used it to anchor market-wide benchmarks for prices and market momentum. We cross-referenced it with transaction-based datasets to translate averages into real buyer experiences. |
| iProperty/brickz Transaction Data | Based on actual transacted prices, not asking prices, through a major Malaysian portal. | We used it to convert budgets into realistic sizes at Penang-relevant price-per-square-foot levels. We also identified real neighborhoods where deals transact at each budget band. |
| PropertyGuru Foreign Buyer Guide | Malaysia's largest portal with guides that reflect rules buyers meet in practice. | We used it to corroborate Penang's foreign-buyer levy and minimum thresholds. We cross-checked process steps with primary government sources where possible. |
| BDO Global Tax Update | Major international tax advisory firm with tightly sourced summaries. | We used it to verify the foreign-buyer stamp duty increase effective January 2026. We used it as a third-angle check on the same rule to ensure accuracy. |
| KPMG Malaysia Budget 2026 Note | Global audit/tax firm with strong track record on Malaysian tax interpretation. | We used it to corroborate the foreign-buyer stamp duty change and its start date. We used it as an independent check against law-firm commentary. |
| Skrine Law Firm Alert | Top-tier Malaysian law firm that publishes detailed, careful legal updates. | We used it to pin down how the 8% foreign-buyer stamp duty applies to residential transfers. We translated the change into simple cost impacts at each budget level. |
| Malaysian Bar (SRO 2023) | The profession's official portal with the binding fee scale for conveyancing. | We used it to estimate legal fees on standard sale and purchase transactions. We kept fee estimates within the official scale rather than using rule-of-thumb numbers. |
| MBPP (Penang Island City Council) | The city council that bills assessment tax on Penang Island. | We used it to explain how the annual local property tax is calculated. We avoided generic advice that doesn't match Penang's specific system. |
| New Straits Times | Major national newspaper reporting on specific Penang policy changes with figures. | We used it to quantify quit rent changes effective January 2026. We used only the reported numbers and dates, verified against official portals. |
| BERNAMA | Malaysia's national news agency with authoritative infrastructure reporting. | We used it to confirm LRT Mutiara Line construction starting January 2026. We factored this into growth predictions for areas near future stations. |
| Exchange Rates UK | Provides transparent daily-rate history that is easy to verify. | We used it to convert USD budgets into ringgit using mid-January 2026 levels. We ensured all size and location examples are in the right ballpark in RM. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Malaysia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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