Property Newsletter | March 2024
Residential property stock near R7t in value
And record sales value for Soweto
It’s been six months since we’ve taken a look at South Africa’s total residential market. The numbers reveal that while transfer volumes have dropped to near 2020 Covid levels, values do fare better. March was a better month for transfer volumes and value in both 2022 and 2023, so there will be keen interest to see whether 2024 transfers follow the same pattern. While looking more closely at Soweto, we see that homeowners spent nearly R900m on 2 200 properties in 2023, the highest annual sales value recorded in the iconic township.
Transfer volumes fall, value fares better
The volume of residential property transfers in South Africa dropped in 2023 to around the levels experienced during the Covid-induced slump in 2020 (276 793 : 266 639) – and the first two months of 2024 show a continuing downward trajectory.
Upside potential in Soweto’s property market?
The data in our articles shows how fewer people are paying more for properties, and while this is good for the market in one way, it highlights the need to stimulate greater activity at more affordable levels.
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