Property boom in South Africa’s ‘engine room’

Although South Africa’s property market has experienced several issues, property sales in Johannesburg have continued to grow over the last six months.

“It is also significant that only a handful of those sales fell into the luxury and super-luxury categories, and that by far the majority took place in the R2 million to R5 million price bracket, as this indicates broad spectrum demand. A recently-concluded R71 million sale is not included in these figures either.”

The largest driver of sales, however, has been the desire for homeowners to sell their large properties and downsize, which is in response to the growing municipal property rates and the increasing costs of utilities, security and maintenance.

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