The prices in real estate in Mafikeng, in the North West 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 Mafikeng has had a strong decrease during the last 6 months. In November, the average price per m² was R 3 114. In December this price pretty much remained the same at a value of R 3 021 per m². The price for the following two months in (January, February) had a considerable decrease of 38 with regard to the prior two months. The price per m² has had a considerable deflation of 52 % 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 2 111,25 to R 1 088,5 during March, and April.
Based upon to the price in Mafikeng (cities & towns), this has fallen considerably in the last 6 months. In our first sample month during November, the average price is R 1 789 545. In December This price remains at R 1 730 545. During the following two months (January, February) the average price had a considerable reduction of 48 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from R 1 298 244,75 to R 800 000, which means a 62 % fall.