The prices in real estate in Langebaan, 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 Langebaan has had a strong decrease during the last 6 months. In May, the average price per m² was R 106 020. In the following month the price per m² decreased considerably to R 45 667. The price for the following two months in (July, August) had a considerable decrease of 27 with regard to the prior two months. The price per m² has had a considerable deflation of 31 % 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 48 076,25 to R 14 971 during September, and October.
Based upon to the price in Langebaan (cities & towns), this has gone up in the last 6 months. The average price for May is R 2 859 731. During June the price had a slight fall till R 2 711 400. During the following two months (July, August) the price has had an average incrementation from R 2 785 565,5 to R 3 143 262,5. 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 2 964 414 and R 3 073 869 between September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 2 969 025 they are 46 % more affordable than the average price for Langebaan. The properties with the highest average price have 4 bedrooms, Their price is 20 % more costly than the average. After that we have properties with 3 bedrooms priced at R 2 646 521.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 10 173 / m², with an average R 18 021 / m² price in Langebaan. The properties with the highest average prices have 1 bedroom. They are 12258 % more expensive than the average followed by properties with 2 bedrooms with a price at R 15 488 / m².
The graph displaying the average prices displays the property type "Office" as the most affordable one. At an cost of R 2 969 025 it is 76 % cheaper than the average price in Langebaan. "Land" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of R 1 435 000 it is 6 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of R 852 / m² followed by "Office" priced at R 971 / m². "Apartment" is the most costly type of property with a R 18 669 / m² cost followed by "Townhouse" with an average price of R 14 503 / m².