The prices in real estate in Rawalpindi, in the Punjab region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Rawalpindi has increased strongly during the last 6 months. In September, the average price per sq.feet was Rs. 4,254. In the following month the price per sq.feet decreased considerably to Rs. 2,580. In the following two months the price per sq.feet has barely changed, going from Rs. 3,417 to Rs. 3,249.5 per sq.feet. The price per sq.feet has had a considerable increase of 1070 % 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.feet of Rs. 3,333.25 to Rs. 35,658.5 during January, and February.
Based upon to the price in Rawalpindi (cities), this has gone up considerably in the last 6 months. In our first sample month during September, the average price is Rs. 62.15 lakhs. In October This price remains at Rs. 64.6 lakhs. During the following two months (November, December) the average price had a considerable increase of 116 % 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 gone up 115 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of Rs. 84.29 lakhs they are 44 % more affordable than the average price for Rawalpindi. The properties with the highest average price have 4 bedrooms, Their price is 75 % more costly than the average. After that we have properties with 3 bedrooms priced at Rs. 1.1 crores.
With regard to the average price per sq.feet , those properties with 2 bedrooms are the cheapest ones at a cost of Rs. 5,167 / sq.feet, with an average Rs. 68,359 / sq.feet price in Rawalpindi. The properties with the highest average prices have 4 bedrooms. They are 157 % more expensive than the average followed by properties with 3 bedrooms with a price at Rs. 67,443 / sq.feet.
The graph displaying the average prices displays the property type "Residential Plot" as the most affordable one. At an cost of Rs. 84.29 lakhs it is 39 % cheaper than the average price in Rawalpindi. "Office" is seen as the second most affordable property type. The dearest property type is "Land" followed by "House". At a price of Rs. 1.28 crores it is 75 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Residential Plot" at an average cost of Rs. 2,102 / sq.feet followed by "Office" priced at Rs. 2,955 / sq.feet. "Land" is the most costly type of property with a Rs. 4.51 lakhs / sq.feet cost followed by "Commercial Property" with an average price of Rs. 16,821 / sq.feet.