Building a house now costs 7.5% more

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Cape Town - The average cost of new housing build increased by 7.5% year-on-year (y/y) to an average of R6 417/m² in the first half of 2016 compared to R5 967/m² in the corresponding period last year, Jacques du Toit, property analyst at Absa Home Loans, said on Friday.  

Over the six-month period from January to June 2016 the average cost of houses smaller than 80m² increased by 8.5% y/y to R4 156/m² compared to the same period in 2015, while that of houses larger than 80m² rose by 4.2% to R6 494/m² and that of flats and townhouses went up by 8.5% y/y to R7 458/m².

Residential building activity is still relatively subdued compared to levels seen in the mid- to late 2000s - before the recession hit, Du Toit told Fin24.

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