The prices in real estate in Gelugor, in the Penang region have had a minor rise in the last couple of months. The real estate prices for second hand homes have risen in this city.
The price per sq.feet in Gelugor has increased during the last 6 months. In January, the average price per sq.feet was RM 592. In the following month the price per sq.feet increased to RM 632. In the following two months the price per sq.feet has increased 106 %, going from RM 612 to RM 650 per sq.feet. 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 631 to RM 630 during May y June
Based upon to the price in Gelugor (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during January, is RM 901,025. During February the price went through a considerable rise reaching RM 1,130,713. During the following two months (March, April) the price has had an average incrementation from RM 1,015,869 to RM 1,100,661.5. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of RM 1,058,265.25 and RM 1,085,662 between May and June.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of RM 1,086,137 they are 32 % more affordable than the average price for Gelugor. The properties with the highest average price have 4 bedrooms, Their price is 46 % more costly than the average. After that we have properties with 3 bedrooms priced at RM 743,847.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of RM 620 / sq.feet, with an average RM 642 / sq.feet price in Gelugor. The properties with the highest average prices have 1 bedroom. They are 67 % more expensive than the average followed by properties with 2 bedrooms with a price at RM 704 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of RM 1,086,137 it is 49 % cheaper than the average price in Gelugor. "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 1,979,012 it is 173 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Apartment" at an average cost of RM 533 / sq.feet followed by "Link House" priced at RM 587 / sq.feet. "Condominium" is the most costly type of property with a RM 715 / sq.feet cost followed by "Bungalow" with an average price of RM 684 / sq.feet.