What was the most expensive home ever sold in South Africa?
Category News
Five fascinating property facts you may not know...
South Africa's real estate landscape is a dynamic and multifaceted domain, encompassing everything from opulent residential properties to land ownership patterns. This article will delve into five intriguing aspects of South Africa's real estate scene, shedding light on the most interesting property facts revolving around our country's real estate.
1. Most expensive home ever sold
Imagine owning a property that not only boasts breathtaking views but also guarantees unobstructed panoramas. One of the most expensive recorded real estate sales in South Africa occurred in 2016, when a German couple acquired a home in Bantry Bay, overlooking the iconic Atlantic Seaboard of Cape Town.
The price tag for this luxury residence? A staggering R290 million. What's even more intriguing is that the sale included two adjacent vacant plots, ensuring that no future construction would interfere with their mesmerising vistas. This anecdote is a testament to the lengths some go to secure their real estate investments, making for an engaging conversation starter.
2. The housing divide: Formal vs. informal
A stark contrast emerges when we examine housing conditions in South Africa. According to the General Household Survey of 2017, nearly 80% of households in metropolitan areas reside in formal dwellings, while 18% live in informal housing.
This division is particularly pronounced in cities like Johannesburg and Ekurhuleni, where informal housing makes up a significant portion of the housing landscape. While the percentages may appear low, the actual numbers translate to millions of South Africans living outside the formal housing sector.
3. Corporate dominance in land ownership in Limpopo
Land ownership patterns in South Africa do reveal an interesting picture. The land audit report of November 2017 exposed that, in Limpopo, a staggering 50% of the registered land, encompassing 7,758,940 hectares, is owned by companies, with individual ownership accounting for a mere 22%.
This statistic presents a unique case within the country, as the rest of South Africa follows a different pattern. Nationwide, private landowners, consisting of individuals, trusts, and companies, own 82% of the total registered land, leaving less than 20% under state ownership.
4. Private dominance of land ownership nationwide
The majority of South Africa's land, approximately 82% of 114,223,273 hectares, is in the hands of private landowners. This statistic underscores the significant role that private individuals and entities play in shaping the country's real estate landscape and the significance of property rights in our nation. It also prompts discussions about land use, development, and the importance of private ownership on the nation's broader economic and social fabric.
5. Foreign ownership of South African land
While foreign land ownership often generates attention and debate, the reality in South Africa paints a different picture. South Africans own a substantial 92% of total farm and agricultural holdings, while foreign nationals possess just 2%.
The land audit report also reveals that, regarding property, 78% of sectional title units belong to South African nationals. In comparison, foreign nationals own 18%, and 4% fall into the 'other' category. These statistics can ignite conversations about national identity, investment, and the role of foreign ownership in the local property market.
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Author: Bryce Anderson