Property Newsletter | January 2024
Ready for lift-off in 2024
South Africa's property market is poised for growth, given the right political and economic environment
Could 2024 be a better year for South Africa’s property market? According to insights from Lightstone’s annual Estate Agent survey, the outlook could be positive but hinges on favourable political and economic conditions. Despite a recent dip in year-on-year house price inflation to 2.52%, the Low Value segment, continues to increase, reaching 18.2% in 2023. What trends have emerged in 2023 that could indicate potential for further expansion in the South African residential property sector in 2024?
Political and economic certainty will boost SA residential property sales
More than 200 Estate Agents from around the country participated in Lightstone’s annual survey to help shed light on what Estate Agents are experiencing on the ground and what the current sentiment is about the residential property market.
#BizTrends2024: Investment opportunities abound amidst changing buyer behaviour
South Africa’s residential property market needs the right political and economic conditions to fulfil its potential – and the low interest rates of 2021 provided a glimpse of just how the market could perform. Hayley Ivins-Downes, Head of Digital at Lightstone shares the property trends that emerged in 2023 and takes a look at what might continue in 2024 in this article published in Bizcommunity’s BizTrends 2024.
The latest House Price Index
South Africa’s year-on-year house price inflation at 2.52% has fallen over the last few months. But it’s the High Value segment at 1.7% and Luxury Segment at 2.4% bringing the average down. Annual property inflation for properties in the Low Value segment continued to show an increase throughout 2023 at 18.2% compared to 3.9% for properties in the Mid Value segment.
Happy reading!
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