Penang To Enforce New Housing Rules
The state of Penang is set to enforce new housing regulations on the proposed date of February 1, 2014.
At its core, the new regulation is designed to minimise speculation in the state’s property market and to ensure public housing and affordable homes are accessible to low and middle-income first-time home buyers.
The new regulation affects citizens and non-citizens buying low cost homes (up to RM42,000), low-medium cost homes (up to RM72,500), affordable homes on the island (below RM400,000), and affordable homes on the mainland (below RM250,000) and covers all past and future purchases.
Our infographic below illustrates the new housing regulation and restrictions imposed on home buyers.
Homeowners who wish to sell their house within the 5 or 10-year lock-in period must first make an appeal to the state government. Additionally, these houses can only be sold to “listed buyers” which are certified middle-income individuals registered with the state government’s Housing Department.