Property prices for rent in Georgetown (Penang)
The rent prices in real estate in Georgetown, in the Penang region have barely changed in the last couple of months. There have hardly been any changes in the rent prices in this city.
The price per sq.feet in Georgetown has barely changed in the last 6 months. In October, the average price per sq.feet was RM 2.02. In November this price barely changed remaining at RM 1.97 per sq.feet. The price for the following two months in (December, January) had a considerable rise of 117 %. The price per sq.feet has had a considerable fall of 84 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of RM 2.16 to RM 1.81 during February, and March.
When referring to the price in Georgetown (cities), this has risen in the last 6 months. The average price for October is RM 3,289. During November the price had a slight fall till RM 3,050. During the following two months (December, January) the average price had a considerable rise of 155 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from RM 4,040 to RM 2,437, which means a 60 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 3 bedrooms are the most affordable ones. At a price of RM 2,384 they are 24 % more affordable than the average price for Georgetown . The properties with the highest average price have 1 bedroom, Their price is 77 % more expensive than the average. After that we have properties with 4 bedrooms priced at RM 3,115.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of RM 1.6 / sq.feet, with an average RM 1.78 / sq.feet price in Georgetown. The properties with the most expensive average prices have 1 bedroom. They are 76 % more expensive than the average followed by properties with 2 bedrooms with a price at RM 2.32 / sq.feet.
The graph displaying the average rent prices displays the property type "House" as the most affordable one. At an cost of RM 2,384 it is 22 % more affordable than the average price in Georgetown. "Condominium" is seen as the second most affordable property type. The most expensive property type is "Flat" followed by "Apartment". At a price of RM 10,197 it is 431 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Serviced Residence" at an average price of RM 1.68 / sq.feet followed by "House" priced at RM 1.8 / sq.feet. "Flat" is the most expensive type of property with a RM 3.32 / sq.feet value followed by "Apartment" with an average price of RM 3.26 / sq.feet.
