Penang, Malaysia
Property prices · 2024 · Asia
Property price trend in Penang (2024–2026)
Property comparison — cities in Malaysia (2024)
| City | Centre /sqm | Outside /sqm | 1-Bed Rent | vs Penang |
|---|---|---|---|---|
| Penang | MYR 3,200 | MYR 2,100 | MYR 1,300 | — |
| Kuala Lumpur | MYR 8,500 | MYR 5,200 | MYR 2,200 | +165.6% |
| Johor Bahru | MYR 2,800 | MYR 1,850 | MYR 1,100 | -12.5% |
Other Asia cities (2024)
Frequently asked questions
How much does property cost in Penang in 2024?
In Penang, the average price per sqm in the city centre is MYR 3,200, and MYR 2,100 outside the centre (2024 data). Prices have risen 7.2% since 2024.
How much is rent in Penang in 2024?
A 1-bedroom apartment in Penang rents for approximately MYR 1,300 per month in 2024. A 3-bedroom apartment costs around MYR 2,100/month.
Is it better to buy or rent in Penang?
Buying and renting are roughly comparable in Penang. The price-to-rent ratio is 17.0x — it would take approximately 17.0 years of rental payments to equal the property purchase price. Current mortgage rates are approximately 4.40%.
What are mortgage rates in Malaysia in 2024?
The average mortgage rate in Malaysia is approximately 4.40% as of 2024. With a price-to-rent ratio of 17.0x, buyers should carefully weigh mortgage costs against rental savings.
What is the price per sqm in Penang?
The average property price per square metre in Penang city centre is MYR 3,200 in 2024. Outside the centre, expect to pay around MYR 2,100/sqm.