An attractive project is not automatically a good purchase if the asking price is well above what comparable homes actually sell for. Here is a simple way to test a price.
1. Use transactions, not listings
Listings show asking prices. Transactions show what buyers actually paid. Always benchmark against recent sales wherever you can.
2. Compare like with like
Match on as many of these as possible:
- Same building first, then the surrounding area
- Same unit type (studio, 1 BR, 2 BR…)
- Similar size, floor, view and condition
- Off-plan against off-plan, ready against ready
3. Work in price per square foot
Divide the price by the unit size to get a figure you can compare across units of different sizes. Then compare it with the median of recent comparable transactions.
| Check | What it tells you |
|---|---|
| Asking price per sq ft | What the seller wants |
| Median transaction price per sq ft (same building) | What buyers recently paid |
| Median transaction price per sq ft (area) | Wider market context |
4. Explain the gap
A premium can be justified by a better view, higher floor, upgraded finish or a stronger payment plan. If you cannot explain the gap, treat it as a warning sign.
5. Look at recency
Use the most recent transactions available. Older sales may not reflect current market conditions.
How Verified Brick helps
The Price vs Market Value parameter compares the asking price per square foot with available comparable transactions in the same building or area, and shows the source and date of the data used.
This article is general information, not a valuation or financial advice.