A Look Into The Bangsar Neighbourhood
Bangsar’s vibrant urban neighbourhood benefits from great connectivity and a reputation as a “happening” place to live. That makes this popular area of downtown Kuala Lumpur an attractive location for many homebuyers looking for a bit of urban excitement within their local area.
Bangsar is a mature neighbourhood, with exclusive home developments and luxury condominiums sitting alongside trendy cafes, popular bars, and bustling malls. With a strategic location just minutes from KL Sentral and KL City Centre, Bangsar is an affluent area with a vibrant metropolitan atmosphere that makes it a popular place to purchase property.
Property Price Trends In Bangsar
Homebuyers looking for a Bangsar house for sale have to balance the allure of this neighbourhood with impressive property prices, with the median price for property in the area from the last 12 months to June 2020 reaching almost RM6.9 million averaged over more than 10,000 transactions!
The compound annual growth rate (CAGR) seen in median prices across those transactions stands at 33.1%. Such a drastic increase is extraordinary, but reflects a wider trend of historical value appreciation seen in the area.
Some property types in this neighbourhood have seen an appreciation of almost 240% in the last two decades, providing a clear example of its never-fading popularity, and consequently affecting the prices in this neighbourhood.
Bangsar Bungalow Prices
Attractive bungalows are an iconic part of the neighbourhood’s property market, representing the aspirational end of the local landscape. The most expensive bungalow listed on PropertyGuru (at the time of writing) offers a sprawling complex for the most opulent living, complete with a swimming pool and panoramic views, for an impressive (and eye-watering) RM25 million price tag.
Analysing PropertyGuru data of average price per square foot (psf) in Bangsar over 24 months from April 2018 reveals some interesting trends. While prices started to dip sharply from August 2018 (RM1,200 psf), it managed to arrest its downward momentum in December of the same year (RM1,066 psf).
Even though prices seemed to be picking back up, it experienced another small and brief drop in July 2019 to RM1,049 psf. After that period though, bungalow house prices enjoyed a rapid climb to a new peak of RM1,304 psf in January 2020. From there, it maintained a somewhat sideways movement till the current RM1,312 psf in June 2020.
Thanks to such recoveries, it helped to keep the median price of bungalows in the area at a respectable RM1,173 psf (in the last 24 months).
Bangsar Condominium Prices
Bangsar’s condominium prices experienced a pretty flat trend for much of the 24-month period (from June 2018), with a median price of RM817 over the two years, indicating that both the supply and demand levels were at their optimum.
From June 2018 (RM874 psf), the graph sloped slightly downwards till it reached its lowest point of RM683 psf in March 2019. While prices seemed to slowly pick back up after that month, it experienced a more buoyant Q4 2019, when prices took a sudden and sharp rise after October 2019, hitting its new peak of RM1,199 in June 2020. Based on the trend of the graph, prices would hover somewhere around this new high for a few more months before it drops again.
The most exclusive Bangsar condo for sale on PropertyGuru at the time of writing reveals a RM14 million, 4-bedroom 5-bathroom example of the lucrative upper end of this market.
Bangsar Terrace House Prices
Terrace houses in Bangsar experienced the most fluctuations during the last 24 months. The graph shows that prices were climbing since Q2 2018 (476 psf), and reached a peak of RM536 psf in September of the same year before it went on a drop for many months to a new low of RM383 psf in September 2019.
A big rally in the prices after that allowed for it to recover and rise after that, hitting a new peak of RM522 psf in June 2020. Due to such fluctuations in the market, the median price of terraced units in Bangsar was only at RM465 psf for the past two years.
Even then, a quick check in PropertyGuru’s listings page shows that the most expensive terrace house available (at the time of writing) clocks in at more than RM13 million! Granted, it does come with 6 bedrooms and 7 bathrooms spread over 3 storeys, for the discerning homebuyer who’s looking for something more upmarket to raise a family in.
Find your ideal Bangsar property for sale on PropertyGuru today!
