SOUTH AFRICA RESIDENTIAL REAL ESTATE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 The residential real estate market in South Africa is valued at USD 16.54 billion this year and is expected to grow at a CAGR of more than 10% during the forecast period. The residential real estate business has developed into one of South Africa's more resilient industries, despite the concerns surrounding COVID-19 and the ensuing lockdowns. 

According to statistics for the nation, 15.6 million South Africans are between the ages of 20 and 34. Many first-time buyers are joining the market as a result of favourable economic possibilities. Others who already own a home are learning about the potential for real estate to generate wealth. The good news for prospective investors is that interest rates are favourable and that the moderate rental growth that is currently occurring will probably get better over time. 

Freehold home purchases by South Africans have been progressively declining as more people choose estate and sectional title residences. When contemplating sectional title properties, advantages include increased security, affordability, and the communal lifestyle. A property with a sectional title unit is a share of common property that is not divided. Townhouses, flats, and duet homes are the various names for these dwellings. Estate acquisitions continued to increase, with sectional title property seeing growth of up to 5%.

South Africa's large vacancies and low escalations are a result of 2021's lower-than-average demand. In the past, bad economic times have seen an increase in rental demand; this is not the situation right now. According to the data, there aren't many people renting out homes, and the majority of those rents are under ZAR 7,000 (US$ 465.24) per month. Between Q2 2020 and Q2 2021, the majority of provinces had weak rental growth and a decline in the financial status of the typical renter. It has become more and more challenging to pay off debt and other expenses with below-inflation income growth.

Major Players: Pam Golding Properties, RE/MAX of Southern Africa, Seeff Property Services, and Harcourts Real Estate, as well as RDC Properties, WBHO, and Renprop

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