Coastal booms and global property recognition
In this edition, we explore the thriving small town coastal property markets that are bucking national trends, with hotspots like Scarborough and Herolds Bay leading the charge. We also celebrate the international recognition of South Africa’s Estate Agents, highlighting how innovation and data-driven insights are empowering local professionals to shine on the global stage. And finally, we share Lightstone’s latest House Price Index giving national and provincial data as of end October.
Homeowners give thumbs up to small town coastal living
Small town coastal living is thriving, with areas like Scarborough, Noordhoek, and Herolds Bay leading the way. While national sales volumes dropped 5% since 2019, coastal hotspots saw increased activity and rising transaction values. In the Western Cape, volumes rose 10% outside Cape Town, with Noordhoek and Scarborough recording the highest prices. Read on for insights into these vibrant market trends.
Read MoreEmpowering local Estate Agents to achieve international recognition
Lightstone is proud to celebrate the achievements of Jaco van der Merwe from Greeff Christies and Ronel van der Linde from Seeff Pretoria East – two award-winning Estate Agents sponsored by Lightstone to enter the prestigious African Property Awards. The sponsorship underscores Lightstone’s commitment to empowering South African real estate professionals with the insights and tools they need to thrive in a competitive market.
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October 2024 House Price Index
As of the latest data, South Africa's national year-on-year house price inflation stands at 3.7%, marking a slight decrease from the previous month. Provincially, annual property inflation has risen in KwaZulu-Natal, North West, Mpumalanga, and Northern Cape, while it has declined in the Eastern Cape, Free State, and Limpopo. Gauteng and Western Cape have remained stable. In terms of property segments, annual inflation rates are as follows: Low-Value properties at 13.2%, High-Value at 3%, Mid-Value at 4.1%, and Luxury properties showing a slight increase to 3.8%.
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