Signs of resilience in SA’s property market

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Hayley Ivins-Downes, head of digital at Lightstone says despite a decline in property sales, there were positive signs in 2024.

South Africa’s residential property market is starting to show signs of resilience due to a sense of optimism and increased political stability since the formation of the government of national unity .

Hayley Ivins-Downes, head of digital at Lightstone says volumes and value were both down in the first half of 2024, as 103 000 properties were sold for R139 billion, compared to the same period in 2023, where 104 500 properties were sold for R144 billion.Food poisoning: More than 20 pupils ill after eating snacks from spaza shop in Bronkhorstspruit

“In August 2024, there were 7 050 000 properties registered at the Deeds Office, representing a marginal increase from the previous year. The total value of South Africa’s residential property market reached R7 trillion in August 2024, up slightly from R6.8 trillion in August 2023”.Ivins-Downes says Sectional Scheme sales volumes were up in the first six months of 2024 to 33 000 sales compared to the corresponding period in 2023 of 32 000 sales.

 

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