Many roads lead to small towns

and back to the office

Many compounding factors over the last few years have resulted in a weak economy and high interest rates. While this has had its impact on the residential property market with overall sales volumes lower now than pre-Covid, it is encouraging to see how the relative proportion of sales in some areas (provinces/municipalities/towns) is getting an even larger proportion of the sales than pre-2019. Also in this October issue of Property Newsletter, Lightstone analyses the residential property market in Limpopo which highlights the growing informal sector, and takes a look at the slow creeping impact of high interest rates. Using its sought-after telemetry data, Lightstone takes a look at whether South African’s are following the international trend to return to the office.

Lightstone

Small towns lead sales activity

The Western Cape has significantly grown its share of residential sales activity since Covid while South Africa’s economic engine room, Gauteng, has been the biggest loser. And across the country, it is smaller towns which have benefited rather than the large metros.

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Registered property drought in Limpopo

Limpopo’s 6.2 million people make up 10% of South Africa’s population, but the province has the unfortunate distinction of having the most people (85% of province) in the country who do not have access to properties registered at the Deeds Office.

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Lightstone
Lightstone

Zooming back to physical teams

Workers are returning to offices in greater numbers around the world – and Lightstone’s data suggests the same is happening in South Africa.

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Distressed house sales on the rise

The number of homeowners selling their properties within two years of purchase has jumped from 2% of sales in May 2022 to 3.7% of sales a year later, suggesting that many buyers took advantage of the low interest rates. But then what?

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Lightstone
Lightstone

Residential Property Index

National year-on-year house price inflation is at 3.82%, having decreased slightly again since last month. Annual property inflation for properties in the Low Value segment was at 7% compared to 5.6% for properties in the Mid Value segment. Inflation for properties in the High Value and Luxury segments were somewhat lower at 2.5% and 3.4% respectively.

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