Penang attracting investors’ interest; property and investment markets are abuzz

[KUALA LUMPUR] The property market in Penang is alive with activity.

The latest available data indicates that 17,297 properties worth a combined RM9.5 billion (S$2.87 billion) changed hands in the first nine months of 2022. It was a year-on-year rise of 44 per cent for number of transactions in that time frame, and a 31.5 per cent increase in the value of the transactions.

Property analysts attribute the heightened interest in Penang to there being more people – both from Malaysia and overseas – who are either relocating to the state, or buying homes there for investment.