Political and economic certainty are what will drive improvements in South Africa’s residential property market in 2024, Estate Agents told Lightstone’s Estate Agent survey 2023.
Lightstone recently conducted its annual sentiment survey among Estate Agents to find out how they feel about the market. Unsurprisingly, Estate Agents are clear about what will lead to better times – political and economic certainty. The survey also highlights the importance of security, semigration, and emigration as factors behind homeowners putting up a “For Sale” sign.
Estate Agency Performance
What is driving value up?
What is driving value down?
What are buyers looking for?
Why are homeowners selling?
Which property type would be most affected by interest rates?
How will rising interest rates affect residential property sales in 2024?
How will rising interest rates affect property rentals in 2024?
Looking forward to 2024, 46% of Estate Agents believe that rising interest rates negatively impacted the demand for residential property sales, with 41% saying demand was similar.
Will rental demand rise or fall if interest rates increase in 2024?
The vast majority of Estate Agents believe that rising interest rates will push up demand for rentals, with just 6% thinking that demand will drop.
What will impact the property market’s recovery?
Most Estate Agents say economic uncertainty will have the biggest impact on residential property sales improving, followed by political uncertainty and a drop in the unemployment rate.
When asked about growing trends experienced in the past year, most highlighted the state of the economy, the struggling consumer, as well as people looking for safety and security.
