Although domestic and global headwinds are persisting into 2023, South Africa’s residential property is showing pockets of progress and opportunity, says Hayley Ivins-Downes, the head of digital at Lightstone.
Ivins-Downes said that: “Luxury category buyers were back to 12% in 2021, the highest recorded in this category and last matched in 2015, and buyers in the High category hit 32% in 2021, the highest score recorded in the past 14 years.”This perhaps suggests fewer new entrants into the market – an unwelcome development given the country’s demographics – with market activity dominated by the Mid and High values, said the head of digital.
According to Lightstone, mid-value and high-value homes saw the most pronounced property price inflation when compared to alternative homes – this was except for a dip in 2013 and 2014.