If you’re a foreigner planning on buying a Malaysia property in Penang Island, you need to hear this latest news.
The government of Penang has increased the minimum purchase price of Malaysia property by RM1 million. From RM2 million, the minimum price for foreigners is now at RM3 million. In recent months, there had been talk of plans to increase Malaysia property prices for foreigners in Penang but the notion has now been finalized. The federal government also considers following the move due to the weakening value of ringgit in foreign exchange.
With the current economic situation, Penang’s housing committee chairman Jagdeep Singh Deo said that the government felt the decision to increase Malaysia property purchase price is justifiable. In The Star news report, he said that the decision will protect the interest of local buyers in Penang real estate.
George Town City, Penang Island
The Malaysian state is made up of both Penang Island and the mainland peninsula of Malaysia. The federal government establishes the minimum purchase price for foreigners. However, the country’s 13 states also have the freedom to set their own prices based on the local demand and supply.
Currently, the minimum Malaysia property purchase price for foreigners is at RM1 million. Although with the recent talk of raising prices in Penang, the federal government is considering following the move as well.
Penang property is particularly popular with foreign buyers from Singapore, Indonesia, Japan, and Sumatra. Malaysia condo and property are sought after in Penang especially in the capital city of George Town.
If you are interested in getting a Malaysia property, check out this blog for latest news, buying tips, and Malaysia real estate listings.