Value -is a controversial topic when it comes to property and clearly there are a myriad of factors to take into account when arriving at a realistic selling price for a home.

For new homes, however, a solid starting point for assessing relative value is building costs, and in this respect, some interesting numbers emerge from research into Gauteng building costs published by quantity surveyors, Davis Langdon and Farrow Laing, in their Property and Construction handbook.

At the top end of the scale, the firm has found that a super-luxury private home built in Gauteng will cost about R7 500/m2, while a low-cost home will cost about R1 100/m2.

On the other hand a prestige apartment block will cost about R3 200/m2 to build while what the firm defines as "simple" low-rise apartment blocks and duplex townhouses weigh in at R2 400/m2.

Basic private dwellings are still the least expensive to build at around R2 000/m2, followed by middle-class private dwellings at R2 300/m2, the research shows.

"The figures are interesting in the sense that they provide insights into what you can expect to pay for different types of property", says Gerhard Kotze of ERA Real Estate.

 "They should, however, not be viewed as absolutes, because costs must undoubtedly vary from project to project and indeed from developer to developer. Also, the ultimate market price of a property is determined by many factors, not least of which are position and comparative prices in the area."

Kotze says it's also fascinating to note that along with Kuala Lumpur in Malaysia, the much-maligned South African building prices are in fact the cheapest among those in 10 countries assessed in the survey.

"Clearly South Africa still offers tremendous value when it comes to property prices, underlining the appeal of property ownership in this country in general," he says.