The prices in real estate in Calabar, in the Cross River region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Calabar has had a strong decrease during the last 6 months. In September, the average price per m² was ₦ 7,399. In October this price pretty much remained the same at a value of ₦ 7,399 per m². In the following two months the price per m² has barely changed, going from ₦ 7,399 to ₦ 7,399 per m². The price per m² has had a considerable deflation of 47 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₦ 7,399 to ₦ 3,480.5 during January, and February.
Based upon to the price in Calabar (cities & towns), this has fallen considerably in the last 6 months. In our first sample month during September, the average price is ₦ 3,433,333. In October This price remains at ₦ 3,433,333. In the following two months the average price has remained the same with regard to the previous two months from ₦ 3,433,333 to ₦ 3,433,333. During the last two months the average price has had a strong fall compared to the previous four going from ₦ 3,433,333 to ₦ 1,615,000, which means a 47 % fall.