South African Property Market Shows Signs of Recovery
"South African Property Market Shows Signs of Recovery."
Capetown, August the 3 2024-After a challenging few years, the South African Property Market is finally showing signs of Recovery. According to recent data, house prices have increased by 3,5% year - on-year, with the average price now sitting at 1.2 Million.
The recovery is being driven by increased demand in the affordable housing segment, particularly in gauteng and the western cape. First time- buyers are taking advantage of low interest rates and government incentives to enter the market.
Meanwhile, the luxury market is also seen a resurgence, with foreign buyers snapping up high - end properties in popular areas like Camps Bay and Clifton.
Industry experts predict that the market will grow steadily with prices expected to rise by 5.7% in the next year.