Penang recorded 5,605 property transactions worth RM4.09 billion in the third quarter of 2026 (Q3 2026), according to the latest figures released by the National Property Information Centre (NAPIC). Although the number of transactions was lower than a year ago, the industrial property segment recorded a notable increase in transaction value. The quarter also saw more than 1,000 new residential units launched in the state.

Residential properties continued to make up the largest share of Penang’s property market, with 4,071 transactions worth RM1.84 billion. This was lower than the 4,614 transactions valued at RM2.13 billion recorded in Q3 2025. However, activity picked up compared with the preceding quarter, which saw 3,536 residential transactions.

Among landed properties, 2/3-storey terrace houses were the most actively traded, with 707 transactions, followed by single-storey terrace houses with 637 transactions. For high-rise properties, condominiums and apartments recorded 675 transactions, while flats accounted for another 611.

In terms of transaction value, condominiums and apartments led the residential segment with RM425.48 million, followed by 2/3-storey terrace houses at RM392.82 million and single-storey terrace houses at RM246.29 million.

Industrial property market records higher transaction value

The industrial property segment was one of the brighter spots during the quarter. Although the number of transactions slipped slightly from 160 units in Q3 2025 to 157 units, their combined value climbed 84.2% to RM818.47 million. Detached factories and warehouses contributed RM481.66 million, accounting for a substantial portion of the total value.

The commercial segment, meanwhile, recorded 520 transactions worth RM453.68 million, with both volume and value declining compared with the same period last year. Agricultural properties registered 552 transactions valued at RM244.65 million, while development land recorded 304 transactions worth RM650.32 million.

More than 1,000 new residential units launched

On the new launch front, Penang saw 1,069 residential units introduced to the market during Q3 2026. These comprised 649 units of 2/3-storey terrace houses and 420 condominium and apartment units.

Seberang Perai Tengah accounted for 552 units, comprising 420 condominium and apartment units and 132 terrace houses. The remaining 517 units were 2/3-storey terrace houses launched in Seberang Perai Selatan.

Initial sales performance was relatively modest. In Seberang Perai Selatan, 40 of the 517 newly launched units were recorded as sold within the first three months, giving a take-up rate of 7.7%. In Seberang Perai Tengah, only one unit was recorded as sold out of the 552 units launched during the same period.

Looking at the longer-term picture, Penang recorded 8,606 new residential launches over the four quarters from Q4 2025 to Q3 2026. Of these, 3,085 units, or 35.8%, were recorded as sold within 12 months.

Timur Laut leads residential transactions

In terms of geographical distribution, Timur Laut remained the most active district for residential transactions, with 1,310 units changing hands during the quarter. Seberang Perai Utara followed with 868 transactions, while Seberang Perai Tengah recorded 849. Barat Daya and Seberang Perai Selatan registered 524 and 520 transactions respectively.

At the national level, Malaysia recorded 108,990 property transactions worth RM60.31 billion in Q3 2026. Transaction volume edged up 0.7% compared with the same period last year, although total transaction value declined by 6%.

Overall, Penang’s property market showed mixed results during the quarter. Residential transactions remained the main driver of activity, while industrial properties saw a considerable increase in transaction value. New housing supply also continued to enter the market, particularly in Seberang Perai. However, the relatively low initial take-up rates among the newly launched projects suggest that buyers may be taking a more cautious approach when making purchasing decisions.

– Ken Lim
(Founder, PenangPropertyTalk.com)

ADVERTISEMENT

ADVERTISEMENT