A Look Into Sri Hartamas Property Prices
Sri Hartamas real estate trends towards the more upmarket side of Kuala Lumpur’s housing market, with demand for homes in this affluent suburb continuing to be driven by the neighbourhood’s popularity with expats.
The local real estate landscape is comprised of condominiums and serviced apartments, alongside more upscale terrace houses, semi-detached houses, bungalows and villas.
While a Sri Hartamas condo might be an aspirational purchase for many young professionals in Kuala Lumpur, the top end of the neighbourhood’s market is dominated by gated resort-like villas and immaculately presented bungalows.
Property Price Trends In Sri Hartamas
PropertyGuru sales data reveals some interesting trends for the Sri Hartamas real estate market, with a particularly strong growth rate over the last year. Measured over 8,000 units sold, the median price of properties in Sri Hartamas sold through PropertyGuru in the past 12 months sat at more than RM1.3 million, almost on par with the median average of Kuala Lumpur, and 1.5 times higher than the median price of units sold in Selangor.
Median valuations in this neighbourhood reflect a compound annual growth rate (CAGR) of 16.0%. It’s important to note that this figure reflects across a broad range of property types, and can be impacted by a relative year-on-year mismatch of sales and property types sold. Nevertheless, this impressive growth indicates the Sri Hartamas neighbourhood continues to enjoy strong popularity and consequent valuation rises.
Exploring this sales data by property type helps reveal a more detailed view of house price changes in Sri Hartamas.
Sri Hartamas Bungalow Prices
The average price of a bungalow sold in the Sri Hartamas area through PropertyGuru has risen substantially over the past few months, with its median price per square foot (psf) standing at RM1,107. In February 2020, prices stood at a low of RM1,062 psf, but then started to climb to reach its new high of RM1,139 by May 2020, revealing continued demand for this property type.
Sri Hartamas Condominium Prices
Sri Hartamas condominium prices have seen a medium price of RM367 psf in the last 24 months and have a more steady, albeit slower, increase. With a high of RM397 psf in September and October 2019, it was a highly welcomed change from its low of RM323 psf back in June 2018.
Condo prices in the neighbourhood then went back down slightly, reaching RM360 psf in February 2020, and then maintained a similar trajectory right up till the time of writing. This would indicate that the market is now moving towards a more realistic growth in valuations, and that the trend would continue its sideways movement.
Sri Hartamas Semi-Detached House Prices
Semi-detached houses in Sri Hartamas proved to be the property type that experienced more fluctuations in its prices compared to the other types. It dropped to a low of RM783 psf in July 2019, before picking back up ever so slightly to RM787 psf in September that same year. Another brief dip was seen after that, but which then led to a climb that reached a new high of RM847 psf in June 2020.
This trend shows that while semi-detached houses are more prone to the demands of the market, it’s still a viable option for well-to-do growing families seeking more space and privacy, or investors seeking their next golden opportunity.
Sri Hartamas Terrace House Prices
Terrace house prices in Sri Hartamas have shown the most stable performance over the last 12 months, with substantial valuation increases evident from PropertyGuru asking price figures.
The average value for a terrace house over the past two-year period sits at RM655 psf, with a low of RM505 psf recorded in July 2019. It had previously been dropping from November 2018 but then rallied substantially, and average price per square foot of this house type has shown significant growth to reach RM842 by June 2020.
Real Estate Trends In Sri Hartamas
PropertyGuru’s sales figures offer some useful insight into valuation trends in the Sri Hartamas neighbourhood. Minor fluctuations seen in the condominium and semi-detached markets reflect a wider trend, with an overhang of luxury properties resulting in broadly subdued trading and valuations over recent years.
The slow-and-steady growth of bungalow valuations, alongside a surge in terrace house prices, are promising trends in such uncertain times.
These are indicative that the top end of the market in a desirable suburban neighbourhood (such as this particular one!) continue to perform well in the face of broader market slowdown, whereas terrace houses have always remained a perpetual favourite in many districts.
Browse through the latest Sri Hartamas properties for sale on PropertyGuru!
