The prices in real estate in Gelugor, in the Penang region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Gelugor has had a strong decrease during the last 6 months. In February, the average price per sq.feet was RM 729. In the following month the price per sq.feet decreased considerably to RM 600. The price for the following two months in (April, May) decreased 94 % 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 643.5 to RM 616.5 during June y July
Based upon to the price in Gelugor (cities), this has fallen considerably in the last 6 months. The average price for February is RM 1,330,064. During March the price had a considerable reduction till RM 920,749. In the following two months the average price has remained the same with regard to the previous two months from RM 1,125,406.5 to RM 1,122,872. 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 1,124,139.25 and RM 1,120,853.5 between June and July.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of RM 1,097,495 they are 56 % more affordable than the average price for Gelugor. The properties with the highest average price have 4 bedrooms, Their price is 48 % more costly than the average. After that we have properties with 1 bedroom priced at RM 730,769.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of RM 565 / sq.feet, with an average RM 609 / sq.feet price in Gelugor. The properties with the highest average prices have 1 bedroom. They are 65 % more expensive than the average followed by properties with 4 bedrooms with a price at RM 672 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of RM 1,097,495 it is 67 % cheaper than the average price in Gelugor. "Serviced Residence" 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 2,142,372 it is 197 % 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 419 / sq.feet followed by "Link House" priced at RM 581 / sq.feet. "Bungalow" is the most costly type of property with a RM 751 / sq.feet cost followed by "Condominium" with an average price of RM 647 / sq.feet.