Penang is Southeast Asia’s second-best performing residential market in H1

Penang saw prices rise 5.78% while Kuala Lumpur’s edged up 0.34%, says Knight Frank report.

Penang’s draws such as premium shopping malls, tourist attractions, beaches, and delicious cuisine are a magnet for foreign investors.

On the Penang island, residential property such as a 1,000 square feet condominium unit might range as much as RM500,000 to RM1 million, it said in a statement today. Knight Frank Malaysia’s senior executive director of research and consultancy Judy Ong said with the recent pause in the overnight policy rate hike as well as improved labour market conditions will continue to support the residential market.

Knight Frank Asia-Pacific head of research Christine Li said the Asia-Pacific region maintains a balanced outlook, adapting to global challenges while displaying resilience in major markets.

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