The prices in real estate in Port Elizabeth, in the Eastern Cape region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per m² in Port Elizabeth has fallen in the last 6 months. In October, the average price per m² was R 8 969. In November this price pretty much remained the same at a value of R 8 614 per m². In the following two months the price per m² has barely changed, going from R 8 791,5 to R 8 405 per m². The price per m² has had a considerable deflation of 76 % 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 8 598,25 to R 6 559,5 during February, and March.
Based upon to the price in Port Elizabeth (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 1 479 106. In November This price remains at R 1 520 000. During the following two months (December, January) the price has had an average incrementation from R 1 499 553 to R 1 664 646. 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 1 582 099,5 and R 1 529 551 between February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 434 742 they are 56 % more affordable than the average price for Port Elizabeth. The properties with the highest average price have 4 bedrooms, Their price is 59 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 336 900.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 542 / m², with an average R 4 484 / m² price in Port Elizabeth. The properties with the highest average prices have 1 bedroom. They are 80 % more expensive than the average followed by properties with 2 bedrooms with a price at R 6 247 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 434 742 it is 56 % cheaper than the average price in Port Elizabeth. "Apartment" is seen as the second most affordable property type. The dearest property type is "Office" followed by "Commercial". At a price of R 3 565 833 it is 1065 % 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 2 797 / m² followed by "Office" priced at R 7 720 / m². "Flat" is the most costly type of property with a R 633 286 / m² cost followed by "Commercial" with an average price of R 9 126 / m².