The prices in real estate in Visakhapatnam, in the Andhra Pradesh region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per sq.foot in Visakhapatnam has fallen in the last 6 months. In June, the average price per sq.foot was ₹ 4,700. In the following month the price per sq.foot decreased to ₹ 4,425. In the following two months the price per sq.foot has barely changed, going from ₹ 4,562.5 to ₹ 4,668.5 per sq.foot. The price per sq.foot has had a considerable deflation of 85 % 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.foot of ₹ 4,615.5 to ₹ 3,901.5 during October, and November.
Based upon to the price in Visakhapatnam (cities), these have remained the same in the last 6 months. In our first sample month during June, the average price is ₹ 54.96 lakhs. In July This price remains at ₹ 54.13 lakhs. During the following two months (August, September) the price has had an average incrementation from ₹ 54.54 lakhs to ₹ 59.51 lakhs. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 95 %, going from ₹ 57.03 lakhs to ₹ 53.9 lakhs in October and November.
The graph displaying the average price for BHK illustrates that those properties with 2 BHK are the cheapest ones. At a price of ₹ 52.03 lakhs they are 30 % more affordable than the average price for Visakhapatnam. The properties with the highest average price have 4 BHK, Their price is 21 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 54.95 lakhs.
With regard to the average price per sq.foot , those properties with 2 BHK are the cheapest ones at a cost of ₹ 3,288 / sq.foot, with an average ₹ 3,698 / sq.foot price in Visakhapatnam. The properties with the highest average prices have 1 BHK. They are 49 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 3,643 / sq.foot.
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of ₹ 52.03 lakhs it is 61 % cheaper than the average price in Visakhapatnam. "Farm" is seen as the second most affordable property type. The dearest property type is "Villa" followed by "House". At a price of ₹ 44.35 lakhs it is 15 % more expensive than the average price.
According to the average cost per sq.foot, the cheapest property type is "Flat" at an average cost of ₹ 1,200 / sq.foot followed by "Farm" priced at ₹ 1,832 / sq.foot. "Villa" is the cheapest type of property with a ₹ 3,645 / sq.foot value followed by "House" with an average price of ₹ 3,461 / sq.foot.