The prices in real estate in Colchester, in the Eastern Cape 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 m² in Colchester has had a strong decrease during the last 6 months. In October, the average price per m² was R 4 712. In November this price pretty much remained the same at a value of R 4 556 per m². The price for the following two months in (December, January) had a considerable decrease of 66 with regard to the prior two months. The price per m² has had a considerable deflation of 57 % 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 m² of R 3 835,75 to R 2 181,5 during February, and March.
Based upon to the price in Colchester (cities & towns), these have remained the same in the last 6 months. The price in October is R 2 414 094, rising in November till R 2 665 391. In the following two months the average price has remained the same with regard to the previous two months from R 2 539 742,5 to R 2 607 309,5. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 88 %, going from R 2 573 526 to R 2 271 500 in February and March.