The cost of building a house in South Africa in 2018
For many South Africans, the only way to live in their dream home is to build one from the ground up. Here are some expenses to start planning for before you lay foundation.
The cost of building a house in South Africa in 2018
If you intend you build your own home rather than buy one, you’ve probably already made a list of all the features you crave, whether it’s a grand kitchen or a walk out balcony. You also need to consider how much you’re going to fork out to turn your wish list into a reality. Absa’s latest residential building statistics report has tallied up the total costs and estimated how much money you’ll need to start building.
The report revealed the average building cost of new construction projects completed went up by 3.1% year-on-year to R7,360 per square meter in the first quarter of 2018, compared with R7,135 per square meter in the same quarter last year. The average cost per square metre in the three main categories were as follow:
- Houses of <80m²: R5,482 – up by 9.9% y/y.
- Houses of ≥80m²: R7,344 – up by 3.1% y/y.
- Flats and townhouses: R7,948 – down by 0.8% y/y
For home renovation projects completed, the total cost amounted to R7,026 per square meter in the first quarter of 2018, an increase of 13.7% from the R6,182 per square meter for the same period a year ago. Overall, homeowners paid 9.2% more to breathe new life into their homes during the first quarter of 2018 than they did in the same period in 2017.
Of course, the price per square metre to construct a house is an accumulation of a range of factors, including the cost of building materials and indoor finishes as well as the cost of plumbers, electricians and carpenters. Homeowners are encouraged to consult with a reliable contractor who has worked on a home similar to theirs to get a cost estimate tailored to their unique needs.
