The prices in real estate in George, in the Western 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 George has had a strong decrease during the last 6 months. In February, the average price per m² was R 347 771. In the following month the price per m² decreased considerably to R 183 387. The price for the following two months in (April, May) had a considerable increment of 126 %. The price per m² has had a considerable deflation of 22 % 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 300 753,25 to R 67 170 during June, and July.
Based upon to the price in George (cities & towns), these have remained the same in the last 6 months. The average price for February is R 3 392 119. During March the price had a slight fall till R 2 928 399. In the following two months the average price has remained the same with regard to the previous two months from R 3 160 259 to R 3 113 478. Based on an analysis of the first four prices and the last two months the average price has risen strongly 119 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 3 276 196 they are 68 % more affordable than the average price for George. 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 3 bedrooms priced at R 2 821 008.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 14 082 / m², with an average R 15 013 / m² price in George. The properties with the highest average prices have 1 bedroom. They are 35 % more expensive than the average followed by properties with 2 bedrooms with a price at R 15 899 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 3 276 196 it is 73 % cheaper than the average price in George. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 3 680 928 it is 390 % 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 14 260 / m² followed by "Townhouse" priced at R 15 510 / m². "Farm" is the most costly type of property with a R 16 051 789 / m² cost followed by "Commercial" with an average price of R 1 798 200 / m².