The prices in real estate in Pietermaritzburg, in the Kwazulu-natal region have had a minor rise in the last couple of months. The real estate prices for second hand homes have risen in this city.
The price per m² in Pietermaritzburg has increased during the last 6 months. In February, the average price per m² was R 464 646. In the following month the price per m² increased considerably to R 626 497. The price for the following two months in (April, May) had a considerable increment of 119 %. The price per m² has had a considerable deflation of 54 % 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 598 353,75 to R 325 832,5 during June, and July.
Based upon to the price in Pietermaritzburg (cities & towns), these have remained the same in the last 6 months. The average price for February is R 1 344 825. During March the price had a considerable reduction till R 1 137 144. During the following two months (April, May) the price has had an average incrementation from R 1 240 984,5 to R 1 353 719. Based on an analysis of the first four prices and the last two months the average price has gone up 114 % 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 1 424 034 they are 62 % more affordable than the average price for Pietermaritzburg. The properties with the highest average price have 4 bedrooms, Their price is 151 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 371 865.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 8 496 / m², with an average R 9 832 / m² price in Pietermaritzburg. The properties with the highest average prices have 1 bedroom. They are 32 % more expensive than the average followed by properties with 2 bedrooms with a price at R 9 707 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 424 034 it is 39 % cheaper than the average price in Pietermaritzburg. "Flat" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "Commercial". At a price of R 4 279 133 it is 284 % 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 6 932 / m² followed by "Townhouse" priced at R 10 329 / m². "Farm" is the most costly type of property with a R 5 469 525 / m² cost followed by "Commercial" with an average price of R 4 279 133 / m².