Important Property Updates For Foreigners and MM2H Participants in Penang

There are a number of important property updates that foreigners and MM2H participants living in Penang should take note of. 

Penang used to allow those with the Malaysia My Second Home visas to buy property (in Penang) priced over RM250, 000. 

But the latest update from the Penang State Government (as of 1 July 2012) is that MM2H participants can only purchase a residential property at a minimum price of RM500, 000 (limited to 2 units only). 



However, for foreigners there is no limit (in units) in purchasing a landed property on the Island (minimum RM2 million) and in Seberang Perai, the mainland (minimum RM1 million). For stratified properties, it is a minimum of RM1 million for Seberang Perai and on the Island. 

Sale of property in Penang is only allowed after 3 years of signing the sale and purchase (S&P) agreement. Any stamping of S&P agreement made after 1 July 2012 is subjected to the changes mentioned above.

Sources: http://www.mm2h.com/news-important-property-updates-for-foreigners-and-mm2h-articipants.php