The prices in real estate in Port Elizabeth, in the Eastern Cape region have remained the same in the last couple of months. The real estate prices for second hand homes have remained in this city.
The price per m² in Port Elizabeth has remained the same in the last 6 months. In September, the average price per m² was R 7 815. In the following month the price per m² increased to R 8 229. In the following two months the price per m² has increased 106 %, going from R 8 022 to R 8 480,5 per m². 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 8 251,25 to R 7 889 during January y February
Based upon to the price in Port Elizabeth (cities & towns), this has gone up considerably in the last 6 months. The average price during our first sample month during September, is R 1 259 750. During October the price went through a considerable rise reaching R 1 463 012. During the following two months (November, December) the average price had a considerable increase of 131 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 94 %, going from R 1 574 507,25 to R 1 475 090 in January and February.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 560 199 they are 68 % more affordable than the average price for Port Elizabeth. The properties with the highest average price have 4 bedrooms, Their price is 61 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 459 948.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 7 729 / m², with an average R 8 277 / m² price in Port Elizabeth. The properties with the highest average prices have 1 bedroom. They are 22 % more expensive than the average followed by properties with 2 bedrooms with a price at R 9 322 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 560 199 it is 54 % cheaper than the average price in Port Elizabeth. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Land". At a price of R 1 388 591 it is 21 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of R 7 493 / m² followed by "House" priced at R 7 883 / m². "Townhouse" is the most costly type of property with a R 9 027 / m² cost followed by "Apartment" with an average price of R 8 998 / m².