The prices in real estate in Penang, in the Negeri Pulau Pinang region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per sq.feet in Penang has fallen in the last 6 months. In September, the average price per sq.feet was RM 573. In the following month the price per sq.feet decreased to RM 526. The price for the following two months in (November, December) decreased 85 % with regard to the prior two months. The price per sq.feet has barely changed in the last two months compared to the average price of the previous four months going from an average price of RM 509.5 to RM 510.5 during January y February
Based upon to the price in Penang (cities), this has gone downing the last 6 months. The average price for September is RM 1,055,171. During October the price had a slight fall till RM 899,875. During the following two months (November, December) the average price had a considerable reduction of 80 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 121 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of RM 1,067,509 they are 46 % more affordable than the average price for Penang. The properties with the highest average price have 4 bedrooms, Their price is 6 % more costly than the average. After that we have properties with 1 bedroom priced at RM 1,131,367.
With regard to the average price per sq.feet , those properties with 2 bedrooms are the cheapest ones at a cost of RM 467 / sq.feet, with an average RM 491 / sq.feet price in Penang. The properties with the highest average prices have 1 bedroom. They are 80 % more expensive than the average followed by properties with 4 bedrooms with a price at RM 548 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of RM 1,067,509 it is 48 % cheaper than the average price in Penang. "Condominium" is seen as the second most affordable property type. The dearest property type is "Bungalow" followed by "Semi Detached House". At a price of RM 2,103,096 it is 187 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Condominium" at an average cost of RM 483 / sq.feet followed by "Terraced House" priced at RM 493 / sq.feet. "Bungalow" is the most costly type of property with a RM 767 / sq.feet cost followed by "Detached House" with an average price of RM 611 / sq.feet.