The prices in real estate in East London, in the Eastern Cape 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 m² in East London has increased strongly during the last 6 months. In January, the average price per m² was R 461 655. In the following month the price per m² increased considerably to R 1 087 689. The price for the following two months in (March, April) had a considerable decrease of 79 with regard to the prior two months. The price per m² has had a considerable deflation of 76 % 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 691 971,75 to R 524 885 during May, and June.
Based upon to the price in East London (cities & towns), this has gone downing the last 6 months. The price in January is R 2 120 847, rising in February till R 2 263 799. During the following two months (March, April) the average price had a considerable reduction of 82 % with regard to the previous two months. 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 1 994 155 to R 1 759 449 in May and June.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 1 911 762 they are 58 % more affordable than the average price for East London. The properties with the highest average price have 4 bedrooms, Their price is 42 % more costly than the average. After that we have properties with 1 bedroom priced at R 1 896 499.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 9 194 / m², with an average R 707 324 / m² price in East London. The properties with the highest average prices have 1 bedroom. They are 168 % more expensive than the average followed by properties with 2 bedrooms with a price at R 11 339 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 911 762 it is 61 % cheaper than the average price in East London. "Land" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of R 1 961 949 it is 231 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Townhouse" at an average cost of R 11 740 / m² followed by "Apartment" priced at R 11 859 / m². "Commercial" is the most costly type of property with a R 6 327 692 / m² cost followed by "House" with an average price of R 924 848 / m².