Property prices for sale in East London (Eastern Cape)
The prices in real estate in East London, 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 East London has had a strong decrease during the last 6 months. In November, the average price per m² was R 8 449. In the following month the price per m² decreased to R 7 792. The price for the following two months in (January, February) had a considerable decrease of 75 with regard to the prior two months. The price per m² has had a considerable deflation of 53 % 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 7 098,25 to R 3 782 during March, and April.
Based upon to the price in East London (cities & towns), these have remained the same in the last 6 months. In our first sample month during November, the average price is R 1 825 375. In December This price remains at R 1 744 264. In the following two months the average price has remained the same with regard to the previous two months from R 1 784 819,5 to R 1 870 437,5. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of R 1 827 628,5 and R 1 890 440 between March and April.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 931 862 they are 72 % more affordable than the average price for East London. The properties with the highest average price have 4 bedrooms, Their price is 47 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 697 625.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 989 / m², with an average R 3 945 / m² price in East London. The properties with the highest average prices have 1 bedroom. They are 154 % more expensive than the average followed by properties with 2 bedrooms with a price at R 7 148 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 931 862 it is 68 % cheaper than the average price in East London. "Apartment" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of R 1 388 882 it is 22 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of R 2 866 / m² followed by "Flat" priced at R 5 592 / m². "Land" is the most costly type of property with a R 882 235 / m² cost followed by "Apartment" with an average price of R 11 339 / m².
