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 February, the average price per sq.feet was RM 106,372. In the following month the price per sq.feet decreased considerably to RM 3,841. The price for the following two months in (April, May) decreased 93 % with regard to the prior two months. The price per sq.feet has had a considerable deflation of 1 % 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 53,207.5 to RM 577.5 during June, and July.
Based upon to the price in Kuching (cities), these have remained the same in the last 6 months. In our first sample month during February, the average price is RM 719,818. In March This price remains at RM 705,014. During the following two months (April, May) the price has had an average incrementation from RM 712,416 to RM 787,084. 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 749,750 and RM 712,443 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 679,821 they are 45 % more affordable than the average price for Kuching. The properties with the highest average price have 4 bedrooms, Their price is 12 % more costly than the average. After that we have properties with 3 bedrooms priced at RM 504,725.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of RM 466 / sq.feet, with an average RM 592 / sq.feet price in Kuching. The properties with the highest average prices have 4 bedrooms. They are 11052 % more expensive than the average followed by properties with 3 bedrooms with a price at RM 1,448 / sq.feet.
The graph displaying the average prices displays the property type "Condominium" as the most affordable one. At an cost of RM 679,821 it is 29 % 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 1,047,522 it is 193 % 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 477 / sq.feet followed by "Semi Detached House" priced at RM 500 / sq.feet. "Shop" is the most costly type of property with a RM 284,916 / sq.feet cost followed by "Bungalow" with an average price of RM 103,455 / sq.feet.