The prices in real estate in Umhlanga, in the Kwazulu-natal region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Umhlanga has increased strongly during the last 6 months. In December, the average price per m² was R 21 996. In the following month the price per m² increased to R 23 978. The price for the following two months in (February, March) had a considerable increment of 165 %. The price per m² has had a considerable deflation of 72 % 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 30 513,75 to R 21 984,5 during April, and May.
Based upon to the price in Umhlanga (cities & towns), this has gone up in the last 6 months. In our first sample month during December, the average price is R 3 785 826. In January This price remains at R 3 849 164. In the following two months the average price has remained the same with regard to the previous two months from R 3 817 495 to R 4 007 154. Based on an analysis of the first four prices and the last two months the average price has gone up 111 % 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 3 903 758 they are 65 % more affordable than the average price for Umhlanga. The properties with the highest average price have 4 bedrooms, Their price is 71 % more costly than the average. After that we have properties with 3 bedrooms priced at R 4 089 663.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 17 800 / m², with an average R 21 218 / m² price in Umhlanga. The properties with the highest average prices have 1 bedroom. They are 702 % more expensive than the average followed by properties with 2 bedrooms with a price at R 25 192 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 3 903 758 it is 29 % cheaper than the average price in Umhlanga. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Land". At a price of R 3 833 788 it is 42 % 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 18 016 / m² followed by "Townhouse" priced at R 18 721 / m². "Apartment" is the most costly type of property with a R 25 609 / m² cost followed by "Land" with an average price of R 23 882 / m².