The prices in real estate in Kuching, in the Sarawak 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 Kuching has had a strong decrease during the last 6 months. In September, the average price per sq.feet was RM 1,904. In the following month the price per sq.feet decreased considerably to RM 444. The price for the following two months in (November, December) had a considerable decrease of 44 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 55 % 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 846 to RM 464 during January, and February.
Based upon to the price in Kuching (cities), these have remained the same in the last 6 months. In our first sample month during September, the average price is RM 728,535. In October This price remains at RM 754,577. In the following two months the average price has remained the same with regard to the previous two months from RM 741,556 to RM 768,682.5. 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 755,119.25 and RM 731,991.5 between January and February.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of RM 702,978 they are 56 % more affordable than the average price for Kuching. The properties with the highest average price have 4 bedrooms, Their price is 4 % more costly than the average. After that we have properties with 3 bedrooms priced at RM 541,293.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of RM 422 / sq.feet, with an average RM 478 / sq.feet price in Kuching. The properties with the highest average prices have 1 bedroom. They are 12072 % more expensive than the average followed by properties with 4 bedrooms with a price at RM 26,791 / sq.feet.
The graph displaying the average prices displays the property type "Terraced House" as the most affordable one. At an cost of RM 702,978 it is 26 % cheaper than the average price in Kuching. "Apartment" is seen as the second most affordable property type. The dearest property type is "Bungalow" followed by "Shop". At a price of RM 1,197,353 it is 122 % 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 451 / sq.feet followed by "Apartment" priced at RM 456 / sq.feet. "Bungalow" is the most costly type of property with a RM 189,612 / sq.feet cost followed by "Terraced House" with an average price of RM 52,840 / sq.feet.