Penang

Median Price

RM 2,728k

Based on 503403 units sold preceding 12 mths.

Annual Growth

51.4%

Compound annual growth rate in median price.

Penang is located on the northwest coast of Peninsular Malaysia. This state is composed of two parts – Penang Island and Seberang Perai which is on the mainland. Penang is the second smallest state in Malaysia in area after Perlis. This state is neighbouring Perak to its south and Kedah to its north. George Town is the state’s capital.

Despite its small size, Penang is one of the most developed states in Malaysia and it is also a thriving tourist destination with its beautiful beaches in Batu Ferringhi, Tanjung Bungah and Teluk Bahang as well as scenic islands such as Pulau Aman and Pulau Jerejak. Penang Bridge is the iconic landmark of this state. The inner city of George Town is a UNESCO World Heritage Site where you will find many colonial buildings.

Many modern buildings can also be found in this state. Commercial space includes office blocks, shop-office units, shopping complexes and industrial lots. Landed properties are terraced houses, semi-detached houses and bungalows. High-rise residences such as apartments and condominiums are becoming very popular especially along the coastal areas with spectacular sea view. Penang’s property market promises great prospects with the state’s highly urbanised and industrialised status.

Like the rest of Malaysia, Penang experiences tropical climate. For most parts of the year, the weather is sunny. Heavy rainfall is expected during the Southwest Monsoon season which starts from April to September. Daily temperatures can range from 23 to 32˚C.

The Penang State Symphony Orchestra and Chorus supports the local youth orchestra. This state is also home to Boria, a form of Malay song and dance. Known as the food capital of Malaysia, Penang offers a wide array of street food. These cuisines such as asam laksa, cendol, char kuay teow and roti canai, reflect influences from various ethnic groups including Malay, Chinese, Indian and Nyonya.

Buying, selling, or investing property is a very big decision. Even moving to your desired location can sometimes be very emotional. Using data from more than 0 listings in Penang, PropertyGuru aim to help you make the right decisions on selecting property, by providing you helpful news and property statistics such as median and growth in the area, but also our opinion on local neighborhood area.

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Property News

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World Bank Cuts 2021 GDP Growth Forecast For Malaysia To 4.5% World Bank Cuts 2021 GDP Growth Forecast For Malaysia To 4.5% ⋅ Jun 24 It's reported that the downgrade comes after the country witnessed a significant resurgence in COVID-19 cases from mid-April this year....
Study Shows Corruption Can Drive Up Costs Of Property Developments By Almost 15% Study Shows Corruption Can Drive Up Costs Of Property Developments By Almost 15% ⋅ Jun 23 The report showed one case involved a development project worth RM100 million, with a total of RM29.58 million (14.8%) of the cost involving bribe payments, including RM6...
Malaysia Partners With The UK For Smart City Development Malaysia Partners With The UK For Smart City Development ⋅ Jun 23 KPKT Minister Zuraida revealed that cities in Johor, Kuala Lumpur, Penang, Putrajaya and Kota Kinabalu had initiated various smart city initiatives. ...
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