5 Trends in Residential Property for 2020
South Africa has had its fair share of ups and downs. Lately, the economy has been lagging, to say the least, with industries showing sluggish growth and forecasts continuously being adjusted down. Property has traditionally offered a resilient investment opportunity, outperforming the return on investment promised by other industries. But with “For Sale” signs popping up everywhere, what are the trends and forecasts for this market in the year ahead?
First-time buyers. Young buyers entering the housing market for the first time remains a huge driving force. South Africa has a sizeable youth demographic and, as they enter adulthood, they will look for a property for sale to get a foot in the door of this market.
New developments. Developers are increasingly catering to the needs of this youth market by shifting the development of new housing stock towards sectional-title homes, mixed-use developments, and even micro-living units, as has recently proved successful in the Cape Town CBD.
Moving to the outskirts. Due to inner-city living being pricey, compounded by a shortage of available and affordable property for sale in these areas, and the fact that most people work in the heart of the city, more and more buyers are looking at the periphery of the city for housing that is both well-priced and conveniently located.
Growth in KwaZulu-Natal. The coast of KwaZulu-Natal has always been a sought-after location for those looking for an attractive property for sale and this has not changed. What has happened is an unprecedented influx of international commercial investment in this region. With more jobs being created, expect the demand for property to also rise.
Green developments. With load shedding once again rearing its ugly head and intermittent droughts plaguing various parts of the country, more and more people are investing in energy- and water-saving features where possible. Having these features already installed makes a property more desirable than other similar properties for sale. Expect to see these features becoming more common in new developments.
Whether you are looking for the perfect property for sale or want to put your house on the market, consider using PropertyCentral. We are an independent website that is open to both private sellers and agents. The website is easy to use, features an extensive range of properties for all types of buyers, and can expose your home to many interested buyers. Start browsing now or get in touch with us for more information.