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Data analytics group Lightstone has released new data on the South African housing market, highlighting the state of the country’s housing market and the cost of buying a home.
Data shows that national house price inflation was 2.1% at the end of July 2020. However, the mid- and low-value housing segments have continued to oppose the market trend by growing more than 5% annually.
By comparison, the upscale and luxury segments are inflating at a slower rate below 2% per year.
“Among our major municipalities, coastal municipalities generally perform better than inland ones, and this relationship extends to all coastal and inland properties,” Lightstone said.
Despite the general slowdown at the provincial level, the Eastern Cape, Kwazulu-Natal and Mpumalanga provinces have grown at increasing rates over the past year to the point that they now lead provincially with rates above 5% per year.
Several real estate companies have reported an increase in semi-migration activity as more South Africans seek to relocate from their homes in the interior of Gauteng and the Western Cape to more coastal areas.
Relocating to a warmer coastal climate or a more relaxed setting may be more than a pipe dream for some, as they have been pushed to the top of the priority list for various people who made lifestyle decisions during the confines of the closure of Covid. to bring about lasting change for the better, said Pam Golding Properties.
Due to its value for money, he said he has seen an increase in semi-migration to KZN, both from other areas of the province and from other inland provinces.
Lew Geffen Sotheby’s International Realty also noted an increase in semi-migration to the Garden Route in the Eastern Cape.
Steven Neufeld, managing director of the group’s Plettenberg Bay office, said the revival of the post-closure semi-migration trend will further strengthen the Garden Route market.
Read: New land ownership laws and policies planned for South Africa
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