Property Newsletter | September 2023
Demand for residential property on the up in the WC,
but Gauteng is still the country’s mall capital
In this newsletter we unpack many features of the residential property market, including a close-up look at what the market is doing in Gauteng, how many Freehold, Sectional Title and Estate properties there are on the market, the impact of foreign buyers on our market, the current House Price Index, and using Lightstone’s telemetry data to monitor malls, we look at mall activity in Gauteng.
SA residential market nears R7t in value
South Africa’s residential property market’s stock value stood at just more than R6.8 trillion in August 2023, and there were more than 7 million properties registered at the Deeds Office.
Foreign appetite for SA residential properties nudges upwards
The Western Cape features strongly in this analysis. Interestingly though, foreigners made up just under 3% of the total residential property purchases registered at the Deeds Office in 2022.
When small is big
While demand is strong in the Western Cape, Gauteng is South Africa’s largest province in terms of built-up areas despite being the country’s smallest province by land area.
Gautengers are South Africa’s mall champions
Gauteng also leads the way when it comes to visiting shopping malls. While Gauteng is home to 27% of South Africa’s population, the province accounts for 50% of the country’s shopping mall stops and 32% of total mall visit time.
Residential Property Index
Highlights include national year-on-year house price inflation dropping slightly from last month to 3.93%. Annual property inflation for properties in the Low Value segment was at 5.7% compared to 5.6% for properties in the Mid Value segment.
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