From home offices to backup power - what South African property buyers really want
South Africans are incredibly focused on South African-centred issues when buying a property.
73% of estate agents surveyed by Lightstone at the end of 2023 said that they are expecting to hit their volume targets in 2024, while 72% expect to hit their value targets.
This is nearly double the figures seen in 2023, where less than 40% said they achieved volume or value sales targets.
With the expected increase in buyers, there are also several trends noted by real estate agents.
For instance, gated communities were becoming increasingly popular as security topped the list of needs from a buyer.
This was followed by lifestyle and amenities (25%) and the space to work from home (19%).
With load shedding likely to remain in 2024, 15% said that they wanted alternative energy sources.
Agents also said that 6% of buyers wanted buy-to-rent properties.
On the other hand, most sellers said that they were either relocating to another town or province or downscaling due to lifestyle changes (21%).
Financial difficulties forced 17% to downsize, while another 14% said that they were selling because they were emigrating.
Only a mere 7% said that they were upscaling to a better suburb or higher valued property, while another 7% said that they were upscaling due to lifestyle change.
Source: Lightstone
The trends evident in 2023 were also too far removed, with the state of the economy impacting consumers and homeowners who primarily wanted safety.
"Buyers were increasingly looking for secure properties and gated communities were in demand, while more sellers were emigrating or semigrating (with the Western Cape particularly popular to buyers and sellers wanting to move out of Gauteng and KZN)," Lightstone said.
"Tough economic conditions in South Africa and concern of instability around the world were driving people to downscale or relocate or stay out of the market altogether."
27 Feb 2024
Author Businesstech