The Penang government has introduced new property ceiling prices for foreign buyers.
State Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the new policy is aimed at reviving the property market.
“The limit for each property on the island is set at RM3 million for terraced house and RM1 million for stratified unit.
“On the mainland, the price (limit) for landed or terraced properties is RM1 million and above, while the stratified unit must exceed RM500,000.
“They also have to pay an approval fee of 1.5% to the state government.”