Research and analytics group Lightstone shares some interesting conversation ‘thought-starters’ and ‘did you knows’ based on a busy year in 2018 that was full of statistical discoveries.
Here are Lightstone’s top 5 for the property market:
1. Millennials: Hardest hit generation as first-time homeowners
Millennials – defined as individuals born between 1977 and 1994, are likely to spend 3.04 times more on their first-time home than the generation before them.
2. Women are acquiring their share of the property and auto market
Lightstone investigate how female ownership in the automotive and property market is on the increase.
3. Sectional title buying performance between 2013 and 2018 reveal buyer priorities
Increased security, affordability and the communal lifestyle are all alluring aspects when potential buyers consider sectional title properties – known as townhouses, flats or apartments, and duet houses. Although estate purchases have remained consistent, freehold property purchases have slowly decreased since 2013 and sectional title property purchases have increased of up to five percent.
4. Foreigners continue in their pursuit for South African property
Foreign ownership in the local property market has experienced an encouraging upsurge over the last several years. In 2017, Lightstone, the provider of comprehensive data and analytics for the property market, released a foreign investment report which indicated the increased appetite within this buying market
5. How much is enough?
There are many considerations that need to be made before a decision is taken to purchase within a certain price bracket. Potential property owners are not just reviewing the amount required for the deposit but also the amount of money prospective buyers need to earn to afford the principal, interest, taxes, and insurance payments on a median-priced home.