Young South Africans are struggling in the current property market, with many being drawn to sectional title properties.
Richard Gray, the CEO of Harcourts South Africa, said that younger people are struggling to service their bonds, which is forcing many to downsize. “This is reinforced by the new trend towards shared spaces, with micro private units developing with co-working and co-living shared spaces. Not only does this make property ownership more affordable, it also creates a sense of community which has been lost to a large degree in traditional suburban areas amidst security concerns,” Golding said.
“A contributory factor towards the shift to sectional title homes is the availability of surplus office space in business nodes in the post-Covid era, thereby providing new opportunities for conveniently located residential developments.”