Kaya 959 Reporter
According to data evaluated by Lightstone Property, 25% more homeowners are leaving the property market.
The property practitioners have revealed that In 2021, about 130 000 South African homeowners exited the market, selling properties worth R200 billion at an average price of R1.8 million each – and the balance has swung in favour of younger homeowners choosing out in higher numbers than previously.
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Kaya Biz with George Manyosi (in-for Gugulethu Mfuphi) spoke to Mike Lehabe, Lightstone Property’s Head of Banking and Insurance about the latest finding on South African homeowners.
LISTEN TO THE FULL CONVERSATION HERE:
“We generally offer insights and analytics in the property market, we track registration of properties, the people who register the properties and so forth and the demographics of those people, and the properties themselves, we have for the last 15 years or more been looking at general trends in property.”
“When we looked at the trend we are speaking about today, we saw that from 2010 as an example we are seeing that about 79 000 people were exiting the market and not returning,” says Lehabe,
According to the data, sellers under the age of 50 now account for 38% of all sales, up from 21% in 2010.
Two-fifths of those selling up are from Gauteng, with the Western Cape accounting for 24% and KwaZulu-Natal for 14%.
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