The prices in real estate in Port Alfred, in the Eastern 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 Port Alfred has had a strong decrease during the last 6 months. In October, the average price per m² was R 5 521. In the following month the price per m² decreased to R 5 151. The price for the following two months in (December, January) had a considerable decrease of 64 with regard to the prior two months. The price per m² has barely changed in the last two months compared to the average price of the previous four months going from an average price of R 4 383,25 to R 4 367 during February y March
Based upon to the price in Port Alfred (cities & towns), this has gone up in the last 6 months. The price in October is R 2 432 513, rising in November till R 2 732 138. In the following two months the average price has remained the same with regard to the previous two months from R 2 582 325,5 to R 2 560 406,5. 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 2 639 531 they are 75 % more affordable than the average price for Port Alfred. The properties with the highest average price have 4 bedrooms, Their price is 11 % more costly than the average. After that we have properties with 3 bedrooms priced at R 2 196 557.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 4 058 / m², with an average R 4 370 / m² price in Port Alfred. The properties with the highest average prices have 1 bedroom. They are 108 % more expensive than the average followed by properties with 2 bedrooms with a price at R 4 683 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 2 639 531 it is 85 % cheaper than the average price in Port Alfred. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 3 388 871 it is 12723 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Townhouse" at an average cost of R 3 827 / m² followed by "Apartment" priced at R 4 922 / m². "Farm" is the most costly type of property with a R 338 479 805 / m² cost followed by "Land" with an average price of R 398 529 / m².