Top 10 suburbs in South Africa’s property market in 2023

Data shows that last year was a struggle for South Africa’s property market, mainly due to the high borrowing costs.

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According to Lightstone’s latest data, 2023 was a challenging year for South Africa’s property market home buyers, owners and estate agents.

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Approximately 240 888 property transfers were processed in 2023 at a value of R257 billion.

This represents a significant decline of 29% from the 340 682 transfers recorded in 2022 at a value of R345 billion.

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Lightstone further noted a decline in terms of first-time and repeat buyers.

First-time buyers purchased property to an estimated value of R75.5 billion, while repeat buyers purchased R182.3 billion worth of property.

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This represents a 28% and 24% decrease, respectively, compared to 2022.

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The majority of those who did manage to buy a property this year chose to do so in Gauteng – which was home to seven of the Top 10 suburbs based on transaction volumes.

The Western Cape boasted two suburbs in the Top 10, with the final spot going to Limpopo.

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