The prices in real estate in Ermelo, in the Mpumalanga 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 Ermelo has had a strong decrease during the last 6 months. In October, the average price per m² was R 5 352. In the following month the price per m² decreased considerably to R 2 933. The price for the following two months in (December, January) had a considerable decrease of 81 with regard to the prior two months. The price per m² has increased 106 % 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 3 759,25 to R 3 987 during February, and March.
Based upon to the price in Ermelo (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 1 649 474. In November This price remains at R 1 570 769. During the following two months (December, January) the average price had a considerable increase of 141 % 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 86 %, going from R 1 938 051,75 to R 1 661 953 in February and March.