south african property market forecast 2020

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by Tom Head 13-06-2019 12:15 Forecast for 2020 FNB property economist Siphamandla Mkwanazi, has said that there has been a slight positive shift in the market during 2019. Major investments announced during the SA Investment Conference include R6.5 billion by Rio Tinto in Richards Bay Minerals, R2.4 billion by Toyota SA in its Durban plant and the development of SA’s first Club Med beach resort on the KZN North Coast, reportedly valued at R1 billion. It is affected by several factors, each making an impact on how the overall market operates. The improvement of infrastructure such as MyCiTi also increases the appeal of outlying areas, such as along the Western Seaboard. Tel. The range is below the central bank’s annual inflation forecast … With a reduced value of the rand, we could attract a significant increase in the number of visitors which would help build entrepreneurial attractions, accommodation and other opportunities within the tourism industry. In this blog, Seeff unpacks five of the property market trends unfolding in 2020. The live, work, play concept is also beginning to emerge in Durban CBD, with the privately owned company, HOMii Lifestyle launching its next phase of trendy, highly-secure and serviced apartments. The Dube TradePort Special Economic Zone (SEZ) recently received the coveted 2019 UN Investment Promotions Award for performing exceedingly well in promoting sustainable investment in KZN and South Africa, particularly facilitating the investment of R1.3 billion by Mara Phones. National house price inflation peaked at 6.35% per annum in 2014 during the market's recovery following the 2007-2008 crash and has been slowly decreasing thereafter closing at a five-year low of 1.7% in 2019.We expect the market to remain in consolidation with a good chance of lesser growth and activity in 2020. Appliances, such as fridges, TVs, and stoves are designed with software that can be linked with personal devices and online accounts to adjust the home environment according to your specific wants and needs. The KwaZulu-Natal North Coast area is highly sought after among home buyers with a host of new developments on the market. Seeff takes a look at the top five trends that could influence property buyers’ decisions this year. Real estate across the globe is an intersectional market. Trend #4 - Self-sustaining homes SA's property prices will take a big hit from the coronavirus crisis - and high-end homes will be worst affected. This market was already taking strain before the pandemic, and one forecast estimates that luxury homes could lose almost 20% of their value this year. Smart homes are becoming a top choice within the property market of today. It is in this space that people are trying to supplement their incomes from the growing SA tourism market. In KwaZulu-Natal, the introduction of direct flights between London and Durban by British Airways a year ago has resulted in an 11% increase in international passenger numbers in the year to September 2019 compared to the same period last year, bolstering King Shaka International Airport’s status as South Africa’s fastest growing international air gateway. According to Lightstone, median prices of both freehold and sectional title properties in this region continued to strengthen in 2019 while activity remains relatively buoyant – which is expected to continue in 2020. Please note that you are using an outdated version of Internet Explorer which is not compatible with some elements of the site. This corner stand in. These devices are not only for practicality, but they also carry snapshots of significant elements of our lives, such as our photos, contacts, calendars, and much more, but that’s not where it ends. Residential Real Estate Market in South Africa - Growth, Trends, and Forecast (2020-2025) The Residential Real Estate Market in South Africa is segmented by Type (Condominiums, Villas, and Other Types), Key Cities, and Other Urban, Suburban, and Rural Markets. Real estate across the globe is an intersectional market. Before we begin analysing what to expect in 2020 property trends, it’s prudent to reflect upon the South African property market as it stands at the end of 2019. Everywhere you look, people are walking around with a Smartphone, tablet, or laptop in hand. Zevenwacht Lifestyle Estate on the Stellenbosch Wine Route, has launched 10 independent living retirement apartments at the limited release price of R994 900 - with no transfer duties payable. Demand seems to be slightly stronger, especially in the price band below R2 million, so the market could edge back into equilibrium and then we will start to see signs of an improvement in the market in the new year. However, this will not translate into a meaningful recovery until economic growth and sentiment strengthens, and there is an improvement in incomes and employment opportunities. Developers are responding with a marked shift in new housing stock towards sectional title homes – although this is also a result of the shortage and cost of land – and mixed-use developments offering a live, work, play lifestyle close to places of work. Vacant Land / Plot for sale in Britannia Bay, Apartment / Flat for sale in Florida Lake, Vacant Land / Plot for sale in Fisherhaven. Introduced this month (December 2019), and with a flight time of just 14.5 hours, the new direct flight between New York in the USA and Cape Town augurs well for tourism and foreign direct investment – as the USA has a huge luxury travel market - and according to Wesgro, has already resulted in an increase in forward bookings by US tourists to Cape Town for the summer season. It’s no longer a far-off prediction, but rather a phenomenon we’re seeing the effects of today. This is likely to become a long-term trend which will gather momentum in the years ahead and we anticipate this will also become more widely adopted in lower income housing as there is a growing realisation that green homes can be more cost efficient to run. Preliminary Deeds Office data from the March FNB Property Barometer shows that transaction volumes in the residential property market declined by … It has also invested in transport infrastructure to improve the movement of goods and economic integration, connecting major economic centres of Johannesburg, Durban and Richards Bay, with improved export capacity via sea ports and its air cargo facility. The sectional title property market has grown significantly in the past few years. Dr Golding outlines the group’s vision for 2020: While there will still be pockets of activity and price growth, the performance of the national housing market is likely to remain subdued. Trends shaping the commercial property market 08 Apr 2019. Realistically, South Africa can expect more of the same in 2020 with house price inflation ending in positive territory but just barely above 0%. Macro-economic and political landscape uncertainty suggests that a cautious outlook for South African … As the eco-friendly lifestyle trend is on the rise across the world, South Africans are paying special attention to minimalist and resourceful living. Among Durban inner city renewal investments are: the R400 million extension of the Durban Promenade, R2 billion mixed-use development on the site of the old Durban Drive-in, R44 million Rivertown Development, R2.8 billion retail mall and residential apartments, and R240 million water mains project in Mahatma Gandhi Road. South Africa - Economic Forecasts - 2020-2022 Outlook. The median price of a sectional title home in ‘Toti this year was R750 000 while that of freehold homes was under R1.5 million. The latter is set on the only available land that is zoned light industrial and commercial in ‘Toti, and will be the largest industrial development the area has ever seen – and is expected to create meaningful employment opportunities over a 20-year period. The South African property market is no exception. This is the reason we are seeing more and more self-sustaining home solutions in the property market of today. This one bedroom apartment in, The Garden Route continues to attract semigrants from around SA. There is also evidence of new residential units becoming available in mixed-use precincts and buildings in CBDs across South Africa (such as Jewel City in Johannesburg). If you're looking to buy a house in the south-west, the time is now: The Cape Town property market is going through a few things, and house prices are coming down. Buyers tend to look for such features, in order to boost the value of their property and to improve their living conditions. The FNB forecast is for a 2020 annual contraction of -8%. Ecovillages are a rather seductive environment, where the focus is on sustainability, slow and low impact lifestyles and a strong sense of community. Keep in mind that these trends are based on observations, so they aren’t foolproof for every buyer or seller. In addition, the build-up period to the current recession was one of 7 years of broad economic growth stagnation, whereas the … It’s not only the KZN North Coast which is seeing major investment. 2020 will be good for buyers. Before we begin analysing what to expect in 2020 property trends, it’s prudent to reflect upon the South African property market as it stands at the end of 2019. Follow the link in the email to complete the registration process. Quarter-on-quarter, house prices increased by a meagre 0.11% and fell by 1.45% in real terms. House prices in South Africa have continued to ... boosting the demand in the property market. One of the factors we believe could prove a boost for South Africa’s economy and ultimately even provide positives for the property market is tourism. The key is to understand each trend in relation to your unique situation. The prospects for the South African commercial property sector for 2020 remain stagnant, according to a new report by John Loos, Property Sector Strategist at FNB. Apart from CBDs and major centres, peripheries of key nodes will continue to enjoy spill-over of demand - for example, Cape Town’s Northern Suburbs benefiting from waiting lists in Southern Suburbs schools, and South Peninsula in Cape Town as traditional suburbs in the Cape Metro become too expensive. Amanzimtoti just south of Durban is also experiencing an economic boom with the planned construction of KZN Automotive Supplier Park in Illovo and the Kingsburgh Industrial Park. 2020 property trend #2 The suppressed market means more supply and choice for buyers, as sellers come to terms with lower than expected sales prices. The forecasts we provide are aimed at guiding our customers’ strategies as well as their investment and purchasing choices. It is affected by several factors, each making an impact on how the overall market operates. +27 (0)861 111 724. 2020 Outlook Report - Australia Our assessment of the global and local economic trends that will shape Australian property market performance in 2020, and a series of predictions as to how we see the office and industrial markets evolving. Durban too is on the radar for investment, with the announcement earlier this year of R62 billion being invested in inner city rejuvenation projects in the CBD in a partnership between local authorities and private business. South Africa’s house prices fell 1.22% adjusted for inflation during the year to Q1 2020 (a nominal house price rise of 2.79%, according to ABSA). This increase in total spend online represents an increase of 22% year-on-year since 2016, or an extra R8 billion. This page has economic forecasts for South Africa including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the South Africa economy. Commercial Real Estate Market in South Africa - Growth, Trends, and Forecast (2020 -2025) Commercial Real Estate Market in South Africa is segmented by Type (Office, Retail, Industrial, Logistics, Hospitality, and Multi-Family) and by Key cities, urban-suburban and rural markets. Position as the tourism capital of the world: South Africa is consistently included in the top holiday … Please contact our Property24 Support Team for further assistance. It is also one of the large independent property valuation (real estate appraisal) firms in South Africa. Supply is slowing in response to weak demand, with fewer new houses and sellers keeping or removing homes from the market. Coupled with this, the Cape Town Rugby Sevens currently taking place in the Mother City (13-15 December 2019) is to be eclipsed by the World Rugby HSBC Sevens Series in 2022, which is also hosted at the Cape Town Stadium, while England supporters are about to flock to our country’s shores for the forthcoming cricket test matches versus the Proteas. Some of the plus sides to this trend is a more communal living set up as well as shared costs for property maintenance, it is a win-win scenario if you find the right agents, and the right people to purchase the property with. Continued demand coupled with limited land is resulting in densification, with single freehold homes being replaced by several sectional title properties, particularly evident in areas like Newlands, Claremont and other Southern Suburbs. Following another year of tepid economic growth, and with the latest round of load shedding further dampening the economy and expected to result in a Moody’s downgrade early next year, where does that leave South Africa’s residential property market? Include properties in neighbouring suburbs |. Trend #1 – Environmental considerations and eco-developments This is likely to occur in new developments which include greater energy and water efficiency and alternatives to municipal utilities. December 9, 2020 admin Covid Property, Foreign Buyers, Property Prices, SADC Property Market While South Africa’s housing market continues its post-Covid lockdown bounce-back, driven by the low interest rate and favourable mortgage lending This page provides - South Africa Housing Index- actual values, historical data, forecast, chart, statistics, economic calendar and news. Whether you’re buying, selling or renting a property in SA, it is important for you to keep up to date with the latest trends on the property market. The South African property market is no exception. A verification email is on its way to you. If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled. There are also signs that semigrants, who initially rented, are beginning to purchase homes, so while the semigration trend may have slowed to some extent, it is still having a positive impact on the property market in areas where they have relocated. 2020 property trends will build on everything we’ve seen during this year, and while there won’t be many surprised faces around our table, there are some interesting things to expect in the new year, and the coming decade. Apart from the wake-up call from load shedding this month, increasingly people are looking to add energy and water saving features to their homes to reduce monthly utilities costs and enhance value, and climate change means that this will becoming a growing imperative, where affordable. People are moving over to solar-powered homes, making use of gas, rainwater harvesting systems and even growing their own organic veggies in the garden. Investment Review South Africa 2019/2020 The economic impact of Covid-19 is expected to place downward pressure on rental levels and capital values across all market segments, and the trend is expected to persist over the short to medium term, as markets remain in a downturn phase. Rode & Associates (Pty) Ltd. is a 33-year old South African firm specialising in real state economics, property valuations, property research, town planning and property consultancy. In this blog, Seeff unpacks five of the property market trends unfolding in 2020. While the overall number of new buildings may have slowed, growth nodes continue to experience demand and developers are responding in areas such as Pretoria, the KwaZulu-Natal North Coast, Krugersdorp, East London, Cape Town, the Boland – notably Stellenbosch and Somerset West, and Fourways, for example Steyn City. Tourism is recovering after the drought and aided by an easing of visa restrictions and piloting of an electronic visa application system coupled with increasing numbers of direct flights, will bring more money, translating into economic growth and jobs, and more prospective buyers to the country. KZN’s Queensburgh sees ongoing demand for properties under R1m as families look to upsize, Retire in the Cape Winelands's Zevenwacht Lifestyle Estate for less than R1m, Sophisticated living in wrapped in luxury, 2020 Vision: Outlook and trends in SA's residential property market. Covid-19 an economy killer 2020 Vision: Outlook and trends in SA's residential property market 18 Dec 2019 Following another year of tepid economic growth, and with the latest round of load shedding further dampening the economy and expected to result in a Moody’s downgrade early next year, where does that leave South Africa’s residential property market? Activity in the freehold market has strengthened in 2019, with 101 sales, the highest since 2016. With a growing number of young people looking for accommodation and with people of all ages and incomes showing an increasing preference for smaller, more conveniently located homes – and with the existing stock of homes predominantly freehold suburban houses, there is plenty of reason for ongoing developments. We strongly urge you to update to a. For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox. To learn more about our latest five-year forecasts across mainstream and prime residential markets read the Autumn 2020 report here.. In addition, the world’s second largest beer brewer, Heineken, is to set up a production facility on the North Coast near Dube TradePort, with a R6 billion brewery to be built over the next two years. There is strong demand for more affordable homes in CBDs around the country. The relative affordability of homes in the South, coupled with the lifestyle offering, suggests that it will continue to attract new residents and homeowners. Congestion and the deterioration in affordability appear to be the primary reasons that semigrants began looking beyond the Cape metro market for homes along the Garden Route and KZN. That is if we see another interest rate drop at … The rise of new growth nodes – with retail and companies relocating to smaller nodes such as Claremont, Westlake and Somerset West/Stellenbosch becoming major growth hubs in their own right as it is possible to live in these areas without commuting to Cape Town. Some of SA's priciest properties have already seen steep price cuts. This trend will continue, with areas such as Cape Town’s Atlantic Seaboard and City Bowl set to benefit most from Cape Town’s longstanding reputation as a prime global city, while semigration to the Garden Route, KZN and Boland in the Western Cape is ongoing. Some market sectors may be struggling in South Africa, but when it comes to property, now is a good time to buy, say the experts. It is hoped that economic growth will be slightly stronger next year, despite risks to the downside, so it is possible that 2020 may see a somewhat improved market than experienced this year – certainly as the market does appear to be in the process of bottoming out. Climate change is one of the hot topics on the lips of many people these days. We are currently in a buyer’s market, and will remain so throughout … Cape Town has been named the digital hub of Africa, with the CBD, Woodstock and Stellenbosch surrounds becoming home to a growing number of tech entrepreneurs and start-ups. By the end of 2017 retail sales in South Africa reached the R1 trillion mark for a calendar year. 'Calm in the coronavirus storm' The recent introduction of micro-units in Cape Town CBD and surrounds is also a response to strong demand from first-time buyers who want a lock-up-and-go lifestyle and to enjoy downtown living. Some investors who hold an increasingly bearish view, see South Africa’s GDP declining by as much as 10% in 2020 as a result of the lockdown. Contact Seeff today to connect with an experienced and knowledgeable agent who knows the ins and outs of purchasing a property. Young buyers remain a key positive for South Africa’s housing market, ensuring a steady supply of new homeowners as we have a ‘youth bulge’, with many eager to gain a foothold on the property ladder. Commercial Real Estate Market in South Africa - Growth, Trends, and Forecast (2020 - 2025) Published by: Mordor Intelligence LLP: Product code: 925424: Published: February 1, 2020… The age-old adage, “location, location, location,” still stands: in very popular suburbs, … Online shopping increased to 1.8% of total retail spend up, from 1.2% in 2016. In Cape Town, the rise of entrepreneurs and digital start-ups is also benefiting different areas. We are especially seeing this trend in the property investment market. Property market 2020: Pandemic fallout creates perfect storm Covid-19 worsens housing shortage, fuels demand from cash-rich buyers and returning emigrants Thu, Dec 10, 2020, 06:00 The town of Queensburgh is experiencing huge demand from first-time buyers and young families particularly in Malvern and Escombe, with homes priced under R1m selling within days if not hours of listing. This apartment in, Apartment living is growing in popularity and, Durban is also on the radar with billions being invested in inner-city rejuvenation projects. With household finances under pressure for the foreseeable future, the focus is likely to remain on affordability, value-for-money and cost saving – for example transport and utilities – for the bulk of the market, says Dr Andrew Golding, chief executive of the Pam Golding Property group. Copyright © 2020 Property24 - All rights reserved. Property is a serious business, so make sure you have the right professionals on your side who offer the most up-to-date advice at the right time. People are partnering with friends and family to create alternative income streams. Some might say that eco-friendly and sustainable living might just be the future of real estate in South Africa. Do you want to know what it would be like to live it up in one of the most prestigious suburbs and estates in SA? So it is quite possible that home owners who have recently bought houses with 100% mortgage bonds will by now experience negative equity (the market value of the house is lower than the outstanding mortgage bond), says Erwin Rode, MD of Rode & Associations, one of South Africa… During South Africa’s worst previous recessions after World War II, residential property prices fell by up to 10%. This is underlined by the strong demand for more affordable homes in CBDs around the country, with a large percentage of young buyers in Johannesburg, Durban, Port Elizabeth, Pretoria, East London and Bloemfontein, and to a lesser extent Cape Town due to the cost factor. On-demand office space, e-commerce, inner-city gentrification and worker mobility trends have resulted in property investors exploring new models to turn a profit in the soft market. Further to this, the 2021 British and Irish Lions tour will attract additional visitors to South Africa. Housing Index in South Africa averaged 127.55 Index Points from 1966 until 2016, reaching an all time high of 544.47 Index Points in November of 2016 and a record low of 3.62 Index Points in January of 1966. Another area gaining momentum in popularity is Ecovillages. Lightstone reports that 31% of recent buyers were young adults, suggesting that first-time buyers are attracted to the area. According to Lightstone, both freehold and sectional title prices have continued to strengthen in Amanzimtoti in 2019, even as sales activity slowed marginally in the larger sectional title market. This is one of the reasons property owners are switching to sustainable energy sources (apart from avoiding the impacts of load-shedding) and using mechanisms that improve efficiency in the home. Trend #2 - Short-term rental investment partnerships with family or friends Trend #3 – Smart homes and digital living “It is expected that South Africa’s residential property market will continue to maintain its resilience, reflecting the ongoing healthy appetite for property investment – … Our beautiful country offers breathtakingly scenic landscapes and spectacular coastlines, vibrant cities and rural places of interest. Meantime the deterioration of affordability in the sought after suburbs close to the mountain continues to benefit areas further afield such as Northern Suburbs and the Western Seaboard. The extension of the Gautrain will also be important in benefitting peripheries as it will make new areas more attractive as commuting to work becomes easier. Complete the registration process around the country buyers ’ decisions this year the... The growing SA tourism market by 1.45 % in real terms experienced and agent! Could influence property buyers ’ decisions this year % of total retail spend up, 1.2! Just be south african property market forecast 2020 future of real estate in South Africa a meagre 0.11 % and fell by to... The future of real estate in South Africa, forecast, chart, statistics, economic calendar news... Forecast is for a calendar year or try out Google Chrome or Mozilla.! Historical data, forecast, chart, statistics, economic calendar and news are! 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