Here’s Who Is Actually Buying Homes In South Africa

Esteani Marx - Head of Real Estate at Lightstone Property.<br /> <br /> Although domestic and global headwinds are persisting into 2023, South Africa’s residential property is showing pockets of progress and opportunity, says Hayley Ivins-Downes, the head of digital at Lightstone. <br /> <br /> Ivines-Downes said that the data analytics company found rising interest rates, socio-political tensions, and a limp economy hampered by an unstable electricity supply dampened consumers’ spirit. <br /> <br /> Despite the slight dampening, the most recent comprehensive data from Lightstone points to certain categories of buyers carrying the market with Mid value and High-value segments carrying the market at 37% and 32%, respectively, in 2021 – a consistent trend for many years. <br /> <br /> Ivins-Downes said that: “Luxury category buyers were back to 12% in 2021, the highest recorded in this category and last matched in 2015, and buyers in the High category hit 32% in 2021, the highest score recorded in the past 14 years.” <br /> <br /> Low-value buyers, unfortunately, dropped below 20% in 2021, said Ivins-Downes. <br /> <br /> This perhaps suggests fewer new entrants into the market – an unwelcome development given the country’s demographics – with market activity dominated by the Mid and High values, said the head of digital. <a href="https://www.kaya959.co.za">kaya 959</a>