Lightstone’s House Price inflation forecast for 2024 shows that South Africa’s residential property market in 2024 should average out below inflation – meaning property owners will be losing value on their property in real terms by the end of the year. Lightstone created three scenarios for residential property prices based on the projected economic conditions in the coming period.The mid scenario is based on a GDP of 1% and core inflation of 4.
5%Lightstone also assumes various repo rate moves for its scenarios. Most economists and analysts anticipate interest rate cuts in the third and fourth quarters of the year. According to the report, the forecasted outcomes of these scenarios are consistent with those forecast for 2023. In 2023, House Price Inflation (HPI) finished at 2.39%, against a forecast range from 0.9% to 3.7%.HPI in South Africa’s residential property market in 2024 should average out between a low of 1.8% and a high of 3.5%.According to Lightstone, luxury homes are expected to perform better in terms of HPI, with the high scenario for luxury homes predicted to be
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