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 May, the average price per sq.feet was RM 38,934. In the following month the price per sq.feet decreased considerably to RM 563. The price for the following two months in (July, August) had a considerable decrease of 22 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 10 % 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 12,026 to RM 1,174 during September, and October.
Based upon to the price in Kuching (cities), these have remained the same in the last 6 months. In our first sample month during May, the average price is RM 758,178. In June This price remains at RM 745,065. In the following two months the average price has remained the same with regard to the previous two months from RM 751,621.5 to RM 717,693. 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 734,657.25 and RM 741,556 between September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of RM 754,577 they are 44 % more affordable than the average price for Kuching. The properties with the lowest average price have 4 bedrooms, Their price is 7 % cheaper than the average. After that we have properties with 3 bedrooms priced at RM 529,021.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of RM 428 / sq.feet, with an average RM 444 / sq.feet price in Kuching. The properties with the highest average prices have 1 bedroom. They are 16 % more expensive than the average followed by properties with 2 bedrooms with a price at RM 512 / sq.feet.
The graph displaying the average prices displays the property type "Condominium" as the most affordable one. At an cost of RM 754,577 it is 31 % 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 1,155,263 it is 169 % more expensive than the average price.
According to the average cost per sq.feet, the most expensive property type would be "Apartment" at an average cost of RM 462 / sq.feet followed by "Condominium" priced at RM 465 / sq.feet. "Shop" is the most costly type of property with a RM 164,060 / sq.feet cost followed by "Bungalow" with an average price of RM 35,792 / sq.feet.