A 19th-Century Rowhouse in George Town, Malaysia
$645,000 (3 MILLION MALAYSIAN RINGGIT)
This rehabilitated shophouse was built circa 1890 among the Colonial buildings in the historic center of George Town, a city on Penang Island that serves as the capital of the northwestern Malaysian state of Penang.
The two-story brick-and-mortar shophouse, which was derelict before being refurbished over a decade ago, has two bedrooms and three bathrooms, as well as other features distinctive to historic Asian terrace houses, said Russell Channon, who heads global hotel and Asian residential property sales for Prestige Property Group, the listing agency.
Like other such rowhouses developed more than a century ago, with a business on the ground floor and residences above, the home has a narrow 18-foot street frontage with a covered arcade, called a “five-foot way,” that has been preserved, along with its traditional Chinese porch wall facade, pillars and air well.
National Property Information Centre, the average home price in Malaysia grew by about 3 percent between the first quarter of 2020 and the first quarter of 2022, from 430,786 ringgit ($92,800) to 444,230 ringgit ($95,800).
In the state of Penang, which encompasses Penang Island and the city of Seberang Perai on the Malay Peninsula, the average price dipped by about 1 percent during that period — from 439,015 ringgit ($95,000) to 434,291 ringgit ($93,640) — falling slightly below the national average.
“It’s currently very much a buyer’s market,” Ms. Tan said. “Generally, overall property prices aren’t rising due to an oversupply of new condominiums and apartments. This is obviously good news for those looking to buy other types of property.”
Malaysia My Second Home program, and some could not leave their countries due to lockdowns, so decided to relocate home,” she said.
Buying Basics
Foreigners need state approval to buy a home, and each Malaysian state typically has a minimum purchase value for international buyers, Mr. Choong said. On Penang Island, foreigners must spend at least 3 million ringgit ($647,000) to buy a landed residential property, and 1 million ringgit ($215,000) to buy a condo.
“The restrictions do get updated from time to time by the state, so purchasers are advised to check before committing to a purchase,” Mr. Choong said. “Currently, the consent is conditional on the foreign purchaser not being able to sell within three years of purchase,” though that condition can be waived by the state under certain circumstances.
The Malaysia My Second Home program, aimed at drawing foreigners for long-term stays with renewable visas, was suspended during the pandemic and reinstated in 2021 with new, more stringent conditions, he said.