Top FIVE things buyers look for when buying property
South Africa’s property market struggled in 2023, mainly due to high borrowing costs. A look at what buyers are looking for …
South Africa’s property market struggled in 2023, mainly due to high borrowing costs.
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According to Lightstone’s latest data, approximately 240 888 property transfers were concluded in 2023 at a value of R257 billion.
This represents a 29% decline from the 340 682 transfers recorded in 2022 at R345 billion.
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Despite the decline in buying activity, Lightstone asked estate agents what buyers in 2023 look for when purchasing a home.
According to the data, 33% of homebuyers rated security more than anything else, followed by lifestyle benefits and access to amenities (25%) and space to work from home (19%).
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Alternative energy sources ranked fourth (15%).
Rounding out the top five reasons with 6% was ‘buy-to-rent’.
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| Rank | Reason | Percentage |
| 1 | Security | 33% |
| 2 | Lifestyle and amenities | 25% |
| 3 | Space to work from home | 19% |
| 4 | Alternative energy sources | 15% |
| 5 | Buy-to-rent | 6% |
| 6 | Other | 2% |
WHAT IS YOUR NO 1 ‘MUST HAVE’ WHEN BUYING PROPERTY?
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