Building Costs in South Africa 2024 – STATSSA End-of-Year Release P5041.1 October 2023

Last Updated on January 3, 2024 by admin

Newly Built House 2 and 3 Bedroom Units in Gauteng Selcourt Springs – Price R695,250 to R1,035,250 – Gross Floor Area ranging from 40m2 to 80m2 – Developed by ZA Prop Johannesburg South

Building Costs in South Africa 2023-2024 – STATSSA End-of-Year Statistical Release P5041.1 October 2023

The building costs below should give you an indication of how much it will cost to build a house in 2024. The figures are obtained from the end of year statistics released by STATSSA (January to October 2023). The figures should be used as a rough estimate for preliminary planning rather than accurate cost projection for the year 2024.

Value of Building Plans Passed by Larger Municipalities at Current Prices – January to October 2023

The total value of building plans approved for residential buildings in 2023 was R43,002,561,000, an 18.4% decrease from the previous year. From this total, R28,135,048,000 was approved for dwelling houses, R14,225,842,000 was approved for flats and townhouses, and 641,671,000 was approved for other types of residential buildings. Non-residential buildings amounted to R18,277,248,000 and a total of R25,154,594,000 was approved for additions and alterations.

Value of Buildings Reported as Completed by Larger Municipalities at Current Prices – January to October 2023

The total value of building plans approved for residential buildings in 2023 was R28,540,363,000, a 4.3% decrease from the previous year. From this total, R18,479,642,000 was approved for dwelling houses, R9,771,862,000 was approved for flats and townhouses, and 288,859,000 was approved for other types of residential buildings. Non-residential buildings amounted to R11,168,600,000 and a total of R7,716,524,000 was approved for additions and alterations.

Building Costs Per Square Metre – Value of Building Plans Passed by Larger Municipalities at Current Prices – January to October 2023

Dwelling-houses below 80m2 (gross floor area – GFA)

The total number of building plans approved for dwelling-houses below 80m2 (gross floor area – GFA) in 2023 was 6563, a 28.4% decrease from the previous year. In the same period, 322,617m2 of GFA was approved for dwelling houses with a total valuation of R2,310,990,000. This amounts to R7,163 per m2.

Dwelling-houses greater than or equal to 80m2 (gross floor area – GFA)

The total number of building plans approved for dwelling-houses greater than or equal 80m2 (gross floor area – GFA) in 2023 was 10465, a 23.7% decrease from the previous year. In the same period, 3,109,587m2 of GFA was approved for dwelling houses with a total valuation of R25,824,058,000. This amounts to R8,305 per m2.

Flats and townhouses

The total number of building plans approved for flats and townhouses in 2023 was 15011, a 25.6% decrease from the previous year. In the same period, 1,510,861m2 of GFA was approved for dwellings with a total valuation of R14,225,842,000. This amounts to R9,416 per m2.

Other residential buildings

The total gross floor area of building plans approved for other types of residential buildings in 2023 was 81,672m2, a 35.5% decrease from the previous year. In the same period, a total valuation of R641,671,000 was approved for these type of projects. This amounts to R7,857 per m2.

Office and banking space

The total gross floor area of building plans approved for office and banking space in 2023 was 241,396m2, a 75.9% increase from the previous year. In the same period, a total valuation of R2,523,642,000 was approved for these type of projects. This amounts to R10,454 per m2.

Shopping space

The total gross floor area of building plans approved for shopping space in 2023 was 479,896m2, a 16.2% increase from the previous year. In the same period, a total valuation of R4,524,785,000 was approved for these type of projects. This amounts to R9,429 per m2.

Industrial and warehouse space

The total gross floor area of building plans approved for industrial and warehouse space in 2023 was 1,271,551m2, a 14.8% decrease from the previous year. In the same period, a total valuation of R8,841,528,000 was approved for these type of projects. This amounts to R6,953 per m2.

Other non-residential buildings

The total gross floor area of building plans approved for non-residential buildings in 2023 was 290,686m2, a 21.3% decrease from the previous year. In the same period, a total valuation of R2,387,293,000 was approved for these type of projects. This amounts to R8,213 per m2.

Additions and Alterations – Dwelling-houses

The total gross floor area of building plans approved for dwelling-houses in 2023 was 2,104,879m2, a 17.1% decrease from the previous year. In the same period, a total valuation of R17,730,995,000 was approved for these type of projects. This amounts to R8,424 per m2.

Additions and Alterations – Other buildings

The total gross floor area of building plans approved for other buildings in 2023 was 741,599m2, a 11.7% increase from the previous year. In the same period, a total valuation of R7,423,599,000 was approved for these type of projects. This amounts to R10,010 per m2.

Summary: Building Costs Per Square Metre – Based on Value of Building Plans Passed by Larger Municipalities at Current Prices – January to October 2023

1. Dwelling-houses below 80m2 (gross floor area – GFA) : R7,163 per m2.
2. Dwelling-houses greater than or equal to 80m2 (gross floor area – GFA) : R8,305 per m2.
3. Flats and townhouses : R9,416 per m2
4. Other residential buildings : R7,857 per m2
5. Office and banking space : R10,454 per m2
6. Shopping space : R9,429 per m2
7. Industrial and warehouse space : R6,953 per m2
8. Other non-residential buildings : R8,213 per m2
9. Additions and Alterations – Dwelling-houses : R8,424 per m2
10. Additions and Alterations – Other buildings : R10,010 per m2

Building Costs Per Square Metre – Value of Buildings Reported as Completed by Larger Municipalities at Current Prices – January to October 2023

Dwelling-houses below 80m2 (gross floor area – GFA)

The total number of building plans approved for dwelling-houses below 80m2 (gross floor area – GFA) in 2023 was 6840, a 16.4% decrease from the previous year. In the same period, 342,770m2 of GFA was approved for dwelling houses with a total valuation of R2,468,049,000. This amounts to R7,200 per m2.

Dwelling-houses greater than or equal to 80m2 (gross floor area – GFA)

The total number of building plans approved for dwelling-houses greater than or equal 80m2 (gross floor area – GFA) in 2023 was 7353, a 9.7% decrease from the previous year. In the same period, 1,862,500m2 of GFA was approved for dwelling houses with a total valuation of R16,011,593,000. This amounts to R8,597 per m2.

Flats and townhouses

The total number of building plans approved for flats and townhouses in 2023 was 9774, a 13.5% decrease from the previous year. In the same period, 1,072,545m2 of GFA was approved for dwellings with a total valuation of R9,771,862,000. This amounts to R9,111 per m2.

Other residential buildings

The total gross floor area of building plans approved for other types of residential buildings in 2023 was 36,255m2, a 33.9% decrease from the previous year. In the same period, a total valuation of R288,859,000 was approved for these type of projects. This amounts to R7,967 per m2.

Office and banking space

The total gross floor area of building plans approved for office and banking space in 2023 was 148,010m2, a 28.6% increase from the previous year. In the same period, a total valuation of R1,707,146,000 was approved for these type of projects. This amounts to R11,534 per m2.

Shopping space

The total gross floor area of building plans approved for shopping space in 2023 was 322,135m2, a 7.9% increase from the previous year. In the same period, a total valuation of R3,310,609,000 was approved for these type of projects. This amounts to R10,277 per m2.

Industrial and warehouse space

The total gross floor area of building plans approved for industrial and warehouse space in 2023 was 829,273m2, a 23.2% decrease from the previous year. In the same period, a total valuation of R5,413,102,000 was approved for these type of projects. This amounts to R6,528 per m2.

Other non-residential buildings

The total gross floor area of building plans approved for non-residential buildings in 2023 was 89,418m2, a 64.4% decrease from the previous year. In the same period, a total valuation of R737,743,000 was approved for these type of projects. This amounts to R8,250 per m2.

Additions and Alterations – Dwelling-houses

The total gross floor area of building plans approved for dwelling-houses in 2023 was 561,957m2, a 54.1% decrease from the previous year. In the same period, a total valuation of R4,730,124,000 was approved for these type of projects. This amounts to R8,417 per m2.

Additions and Alterations – Other buildings

The total gross floor area of building plans approved for other buildings in 2023 was 302,023m2, a 39.7% increase from the previous year. In the same period, a total valuation of R2,986,400,000 was approved for these type of projects. This amounts to R9,888 per m2.

Summary: Building Costs Per Square Metre – Based on Value of Buildings Reported as Completed by Larger Municipalities at Current Prices – January to October 2023

11. Dwelling-houses below 80m2 (gross floor area – GFA) : R7,200 per m2.
12. Dwelling-houses greater than or equal to 80m2 (gross floor area – GFA) : R8,597 per m2.
13. Flats and townhouses : R9,111 per m2
14. Other residential buildings : R7,967 per m2
15. Office and banking space : R11,534 per m2
16. Shopping space : R10,277 per m2
17. Industrial and warehouse space : R6,528 per m2
18. Other non-residential buildings : R8,250 per m2
19. Additions and Alterations – Dwelling-houses : R8,417 per m2
20. Additions and Alterations – Other buildings : R9,888 per m2