The rise and rise of Soweto’s property market – here’s how many R1 million homes it has

Registered homes in Soweto, south of Johannesburg, have more than doubled since 1994 to 183 525, new data from Lightstone shows.

Hayley Ivins-Downes, head of digital at Lightstone, said there were 83,119 registered properties in the year South Africa held its first democratic election, one of which was sectional title and one classified as an estate. Since then another 98,605 freehold properties have been registered, along with 1,779 sectional title properties and 22 estate properties.

Most homes are valued at between R250,000 to R700,000. Of a total of 183,525 homes, 153,769 (84%) were valued at between R250,000-R700,000, with 22,098 (12%) in the R700,000-R1 million band. There were just 10 homes registered at more than R3 million, the data and analytics firm noted.


Despite the more than doubling of homeowners, Ivins-Downes said the market has been relatively quiet since a busy period lasting from 2011 to 2015. “The best year since 1994 was 1998, when 6,964 homes were registered, but the numbers in recent years have been more modest at 2,141 in 2019, 2,093 in 2020 and 1,849 in 2021”, she said.


Braamfischcerville Phase 2 has been the most popular suburb since 1994, with 8 149 homes being registered, more than double the 3,851 registered in Thulani. Sectional Title homes have been registered in just two suburbs, Protea Glen Ext 11 and Jabulani, said Lightstone.


The vast majority – 90% – of homeowners in Soweto are under 49, with 47% under 35.

The pendulum has swung between first-time buyers and repeat buyers dominating the market – in 2020 repeat buyers made up 59% and this dropped to 38% in 2021.


Read: This seaside town in South Africa just hit a record sales year, thanks to semigration

Source link

Leave a Reply

Your email address will not be published.