Guide To Cheras Property Prices
Property prices in Cheras can vary broadly over this large and diverse neighbourhood. An affordable Cheras apartment could give way to luxury homes just ten minutes’ drive away, with this sprawling neighbourhood incorporating a diverse range of properties and unique neighbourhoods.
The borders of Cheras stretch from Ampang in the north, over the state line of Kuala Lumpur and into Selangor, reaching down to touch Kajang in the south. This well-established neighbourhood is benefitting from increased development in both infrastructure and residential opportunity in recent years, making for a dynamic housing market in an attractive suburb.
Property Pricing Trends In Cheras
Analysing PropertyGuru data in the past 24 months shows that the local market in Cheras has been broadly buoyant over recent years. Average house prices demonstrated a CAGR (compound annual growth rate) of 9.9%.
The median price across more than 71,000 transactions that took place in Cheras stood at RM837,000. That figure is slightly over half the median recorded in Kuala Lumpur of RM1.46 million so far, and goes some way to show why this mature neighbourhood, with all the amenities of big city living, is seeing growing recognition and popularity with homebuyers.
Cheras Bungalow Prices
Prices for bungalows in Cheras have shown quite the fluctuation in recent years, bucking the broader trend seen across the area. Over the last 24 months, the average price per square foot (psf) for bungalows in Cheras stood at RM584.
A high of RM640 psf in November 2018 then led into a sustained fall in prices over the following 6 months, bottoming out at RM542 psf in May of the following year. After a few months of a sideways trend, prices demonstrated in PropertyGuru sales figures saw a healthy upward trajectory since then, reaching a new high of RM708 psf by June 2020.
Cheras Condominium Prices
Condominium prices in Cheras generally enjoyed a stable growth over the years. Prices for a Cheras condo in December 2018 was its lowest point (RM625 psf) but from January 2019 onwards, it climbed steadily. By September 2019, the trend had bottomed out for a few months, at RM675 psf.
It’s evident why a Cheras condo for sale offers an appealing proposition for many homeowners looking to enjoy condo living in a more affordable city location – with readily available amenities, major highways, and public transport options, everything is within easy reach.
And this is evident in how the prices enjoyed a growth throughout 2019, right up till June 2020, reaching a high of RM690 psf.
Cheras Semi-Detached House Prices
The price per sq ft for a semi-detached house in Cheras, on the other hand, saw a more fluctuating graph. PropertyGuru data reveals that prices were at an average of RM721 psf in the last 24 months.
While it looked that the market was enjoying a somewhat normal price trend in 2018, the graph took a nosedive after November 2018’s RM740 psf, falling till it reached a new low of RM677 psf in April 2019. Incremental increases in the following months led to a levelling off in November 2019, with PropertyGuru sales data indicating that semi-detached house prices maintained an average above RM700 psf in the following months through to June 2020 (new high of RM742 psf).
Cheras Terrace House Prices
Terrace houses in the Cheras neighbourhood saw a more steady sideways trend from July 2018 (RM1,233 psf) right through till March 2019 (RM1,266 psf).
PropertyGuru sales data indicates that it was because prices were generally maintained at its current state which contributed to a median of RM1,250 psf in the last 24 months. Even though a drop was noted from April (RM1,252 psf) to October (RM1,160 psf) 2019, prices shot upwards once more to RM1,373 psf in June 2020, with the trend indicating that sustained growth is projected to continue.
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