Tag: property market

Buying a home is an exciting time, but for most South Africans, it also comes with the challenge of securing a bond. One of the biggest stumbling blocks for buyers is often paperwork. While it may feel like the least glamorous part of the journey, being well-prepared with the right documentation can make or break your application.

The South African Reserve Bank’s recent decision to reduce the repo rate by 25 basis points, bringing it to 7.25%, offers a glimmer of hope for prospective homeowners, particularly first-time buyers. This move, aimed at stimulating economic activity amid subdued inflation, presents both opportunities and considerations for those looking to enter the property market.

While the property industry globally has traditionally been a laggard when it comes to the use of technology, focusing more attention on assets such as physical buildings rather than technology, this has rapidly changed. A growing number of businesses are now introducing technology platforms and solutions to enhance the client-tenant experience and to ensure more informed investment and property management decisions are made.

Whether you’re stepping into the property market for the first time or you're an experienced investor, the real estate market can feel overwhelming with ever-changing trends and a maze of industry jargon. To help you make informed decisions, it's essential to understand these key terms. I break down some of the most important property terminology, helping you navigate your real estate journey with confidence.

Whether or not South Africa will experience a buyer’s or seller's market for property in 2024 is challenging to predict, but several factors point towards a potential buyer’s market for some time to come. The economy is expected to remain weak, which will reduce the number of prospective homebuyers due to affordability constraints.

City of Johannesburg’s property owners need to check the market value of their properties before 31 March – or they may end up overpaying. Municipalities publish a General Valuation Roll, every five years, that property owners can inspect and object to if the municipal value of their property is higher than the market value.

The COVID-19 pandemic has given rise to significant shifts in the residential property market. In the beginning, many were scaling back to clamber back on costs, however, as interest rates continued to dip between 2020 and 2021, many started to upgrade their homes and invest in bigger spaces.

South Africans under 35 are increasingly opting to buy sectional title properties and crossover motor vehicles. While freehold properties still account for the most sold to this age group, its share of market has fallen from 59% in 2010 to 48% in 2021, while sectional title’s share of market has grown from 27% in 2010 to 36% in 2021.

Plan B: How South Africans can invest in the UK property market is a practical, step-by-step guide. It is full of useful advice on how to get started, from leveraging bank finance to finding investment grade properties from distance.

South Africans are struggling to achieve financial freedom with 34% not having enough savings to last more than a month if they lost their income/jobs. However, this freedom can be within reach through investing in quality assets such as real estate to build up a passive income.