The prices in real estate in Plettenberg Bay, 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 Plettenberg Bay has had a strong decrease during the last 6 months. In February, the average price per m² was R 922 202. In the following month the price per m² decreased considerably to R 41 824. In the following two months the price per m² has barely changed, going from R 482 013 to R 494 368 per m². The price per m² has had a considerable deflation of 16 % 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 488 190,5 to R 80 288 during June, and July.
Based upon to the price in Plettenberg Bay (cities & towns), this has gone up considerably in the last 6 months. The price in February is R 4 057 300, rising in March till R 4 387 788. During the following two months (April, May) the price has had an average incrementation from R 4 222 544 to R 4 626 206. Based on an analysis of the first four prices and the last two months the average price has gone up 110 % 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 5 145 331 they are 64 % more affordable than the average price for Plettenberg Bay. The properties with the highest average price have 4 bedrooms, Their price is 18 % more costly than the average. After that we have properties with 3 bedrooms priced at R 4 095 081.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 17 056 / m², with an average R 18 936 / m² price in Plettenberg Bay. The properties with the highest average prices have 1 bedroom. They are 74 % more expensive than the average followed by properties with 2 bedrooms with a price at R 23 155 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 5 145 331 it is 71 % cheaper than the average price in Plettenberg Bay. "Apartment" is seen as the second most affordable property type. The dearest property type is "Flat" followed by "Farm". At a price of R 15 659 325 it is 3180 % 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 16 927 / m² followed by "Apartment" priced at R 25 606 / m². "Flat" is the most costly type of property with a R 168 578 644 / m² cost followed by "Farm" with an average price of R 13 414 316 / m².