Cost of Building Property in South Africa – 2024 AECOM 34th Edition

Economic Residential Development in New Modder Benoni Gauteng - 2 and 3 Bedroom Units from 45m2 to 75m2 GFA -Price range R644,450 to R1,006,104

Economic Residential Development in New Modder Benoni Gauteng – 2 and 3 Bedroom Units from 45m2 to 75m2 GFA -Price range R644,450 to R1,006,104 – Developed by Epi Real Estate

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Cost of Building Property in South Africa – 2023/2024 AECOM 34th Edition

The cost of building property and infrastructure in the period 2023 to 2024 in the South African construction market is shown below, for various projects which include houses, apartment blocks, duplexes, townhouses, community centres, office, retail, industrial, hotels, hospitals, schools and other types of buildings, ranging from low-cost to luxury. Building costs are given in costs per square metre and other units where applicable, in the Rand currency (ZAR). To find the approximate cost of your project, measure the total gross floor area of the built area and multiply by the rates below.

Building rates

Rates include the cost of appropriate building services,for example, air-conditioning, but exclude costs of site infrastructure development, parking, any future escalation,  loss of interest, professional fees and value-added tax (VAT).

Office Buildings – Rate per m² (excl. VAT)

  • Low-rise office park development with standard specification R 10,000 – R 12,300
  • Low-rise prestigious office park development R 12,900 – R 19,200
  • High-rise tower block with standard specification R 14,500 – R 19,200
  • High-rise prestigious tower block R 19,200 – R 24,200

Office rates exclude parking and include appropriate tenant allowances

incorporating carpets, wallpaper, louvre drapes, partitions, lighting, air-

conditioning and electrical reticulation.

 

Parking         – Rate per m² (excl. VAT)

  • Parking on grade, including integral landscaping R 700 – R 900
  • Structured parking R 4,900 – R 5,400
  • Parking in semi-basement R 5,400 – R 7,300
  • Parking in basement R 5,700 – R 10,000

 

Retail Buildings – Rate per m² (excl. VAT)

  • Local convenience centres

(Not exceeding 5,000m²)  R 9,800 – R 12,900

  • Neighbourhood centres

(5,000 – 12,000m²)  R 10,800 – R 14,200

  • Community centres

(12,000 – 25,000m²)  R 11,800 – R 15,000

  • Minor regional centres

(25,000 – 50,000m²)  R 12,500 – R 16,000

  • Regional centres

(50,000 – 100,000m²)  R 13,200 – R 16,000

  • Super regional centres

(exceeding 100,000m²)  R 14,500 – R 18,700

Industrial Buildings – Rate per m² (excl. VAT)

Industrial warehouses, including office and change facilities within structure area (architect/engineer designed):

  • Steel frame, steel cladding and roof sheeting (light-duty) R 5,100 – R 6,500
  • Steel frame, brickwork to ceiling, steel cladding above and roof sheeting (heavy-duty) R 5,700 – R 8,200
  • Administration offices, ablution and change room block R 9,200 – R 11,900
  • Cold storage facilities R 17,400 – R 24,700

Residential Buildings

Rate per site (excl. VAT)

  • Site services to low-cost housing stand (250-350m²) R 63,000 – R 100,000

Rate per m2 (excl. VAT)

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