2024 Property trends see a shift towards safety and sustainability.
Category Lifestyle
As the real estate landscape in South Africa continues to evolve, 2024 brings forth notable trends that underscore the importance of safety and sustainability in property investments. From changing buyer preferences to seller motivations and the impact of economic conditions, these trends reflect a dynamic market responding to shifting societal needs.
Buyer Trends
According to recent data from Lightstone, South African property buyers are increasingly prioritising safety and convenience when searching for their dream homes. A staggering 73% of estate agents surveyed anticipate meeting their volume targets in 2024-a significant jump from previous years. Security remains a top concern, with gated communities witnessing a surge in demand, as 25% of buyers emphasise lifestyle amenities, and 19% seek space to work from home.
To add to this, with load shedding expected to persist, 15% of buyers are actively seeking properties equipped with alternative energy sources, highlighting a growing emphasis on sustainability in the housing market. Additionally, there's a notable interest (6%) in buy-to-rent properties, indicating a shift in investment strategies among buyers.
Seller motivations
On the other side of the transaction, sellers are driven by various factors, including relocation, downsising due to lifestyle changes, and financial difficulties. Emigration remains a significant motivator for 14% of sellers, while 21% are downsising due to lifestyle changes. Only a small fraction (7%) are upscaling to better suburbs or higher-valued properties, reflecting a broader trend of prioritising practicality over luxury in the current economic climate.
Impact of economic conditions
The state of the economy plays a crucial role in shaping buyer and seller behaviours within the property market. Tough economic conditions and concerns about instability, both domestically and globally, are driving people to downscale, relocate, or even stay out of the market altogether. As consumers navigate financial uncertainties, safety and stability are key considerations in property transactions.
Buying in a secure estate
With safety taking precedence, many buyers are turning to secure estates as the ideal solution. Gated communities offer physical security, a sense of community, and shared amenities. As demand for these properties continues to rise, developers are responding by incorporating sustainable features and alternative energy sources, catering to the evolving needs of modern buyers.
As buyers prioritise security and convenience and sellers adapt to changing circumstances, the real estate market demonstrates resilience in the face of economic challenges. Buyers and sellers can navigate the market with confidence and foresight by embracing these trends and investing in properties that meet evolving needs.
Silver Lakes Golf Estate in Pretoria East boasts a comprehensive array of security features, ensuring residents' peace of mind. The estate is enclosed by a secure perimeter fence and monitored by 24/7 surveillance cameras and patrols.
Access control is stringent, with gated entry points equipped with biometric scanning and manned by trained security personnel. Additionally, the estate employs advanced technology such as RFID tags for vehicles, enhancing security measures further. With these robust systems in place, Silver Lakes Golf Estate maintains a safe and secure environment for its residents and visitors alike.
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Author: Bryce Anderson