The prices in real estate in Pietermaritzburg, in the Kwazulu-natal region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Pietermaritzburg has increased strongly during the last 6 months. In May, the average price per m² was R 8 304. In the following month the price per m² increased considerably to R 1 828 177. The price for the following two months in (July, August) had a considerable decrease of 16 with regard to the prior two months. The price per m² has had a considerable deflation of 2 % 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 532 112 to R 9 066 during September, and October.
Based upon to the price in Pietermaritzburg (cities & towns), this has gone up considerably in the last 6 months. The average price during our first sample month during May, is R 1 247 837. During June the price went through a considerable rise reaching R 2 177 368. During the following two months (July, August) the average price had a considerable reduction of 74 % with regard to the previous two months. 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 1 488 884 and R 1 470 479,5 between September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 493 631 they are 66 % more affordable than the average price for Pietermaritzburg. The properties with the highest average price have 4 bedrooms, Their price is 53 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 399 978.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 7 255 / m², with an average R 8 955 / m² price in Pietermaritzburg. The properties with the highest average prices have 1 bedroom. They are 20 % more expensive than the average followed by properties with 2 bedrooms with a price at R 9 445 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 493 631 it is 56 % cheaper than the average price in Pietermaritzburg. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "Commercial". At a price of R 3 302 327 it is 477 % 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 7 320 / m² followed by "Flat" priced at R 8 059 / m². "Farm" is the most costly type of property with a R 8 625 579 / m² cost followed by "Commercial" with an average price of R 2 939 688 / m².