The prices in real estate in Vishakhapatnam, in the Andhra Pradesh 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.foot in Vishakhapatnam has had a strong decrease during the last 6 months. In October, the average price per sq.foot was ₹ 6,686. In the following month the price per sq.foot decreased considerably to ₹ 3,770. The price for the following two months in (December, January) had a considerable decrease of 36 with regard to the prior two months. The price per sq.foot has had a considerable increase of 147 % 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 ₹ 3,556.5 to ₹ 5,226 during February, and March.
Based upon to the price in Vishakhapatnam (cities), this has fallen considerably in the last 6 months. In our first sample month during October, the average price is ₹ 93.33 lakhs. In November This price remains at ₹ 92.29 lakhs. During the following two months (December, January) the average price had a considerable reduction of 50 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 134 % during the last two months.
The graph displaying the average price for BHK illustrates that those properties with 3 BHK are the cheapest ones. At a price of ₹ 93.33 lakhs they are 51 % more affordable than the average price for Vishakhapatnam. The properties with the lowest average price have 4 BHK, Their price is 16 % cheaper than the average. After that we have properties with 1 BHK priced at ₹ 53.54 lakhs.
With regard to the average price per sq.foot , those properties with 3 BHK are the cheapest ones at a cost of ₹ 2,946 / sq.foot, with an average ₹ 6,686 / sq.foot price in Vishakhapatnam. The properties with the lowest average prices have 1 BHK. They are 22 % cheaper than the average followed by properties with 2 BHK with a price at ₹ 4,133 / sq.foot.
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of ₹ 93.33 lakhs it is 60 % cheaper than the average price in Vishakhapatnam. "House" is seen as the second most affordable property type. The dearest property type is "Villa" followed by "Land". At a price of ₹ 89.81 lakhs it is 47 % 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 ₹ 4,018 / sq.foot followed by "House" priced at ₹ 4,205 / sq.foot. "Land" is the most costly type of property with a ₹ 10,431 / sq.foot cost followed by "Villa" with an average price of ₹ 6,326 / sq.foot.