Would anyone know roughly what the average building cost per square meter is within the Johannesburg region, Randburg area? I know this would be range-bound and not an exact number.
I'm using Randburg as an example, but if anyone knows this figure for Potchefstroom, it would help even more. Some background:
A friend is buying a property in Potch, property worth about R1.2mil, approximately 120 square meters, nothing special or extra-ordinary. The problem however, is the Homeowners Insurance, which has been quoted at replacement of R2.5mil! The monthly homeowners insurance on such an amount, is approximately R1500! This from the bond issuer, so unless it can be proven that homeowners insurance has been taken out to cover this amount, the bond will not be granted. Something doesn't seem right?