(Taken from yazhouproperty.com )

(Brief caption):High rise apartment and condominium at Penang Island./CHAN BOON KAI/THE STAR/(1st Aug 2013)

 

Minimum Purchase Price Of Landed Penang Property Raised for Foreigners

The Penang government officially increased the minimum Malaysia property purchase price from RM2 million to RM3 million for foreigners. 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.

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.