South African Property Market in 2021
Category News
South African Property Market in 2021
The low interest rate continues to contribute to the property market growth, making property investment still a viable option. FNB data shows that first time home buyers under 35 accounts to 43% of residential sales, a 38% increase from 2019.
Tenants are still hard to come buy in this new economic climate, leaving many rental properties vacant. The importance to have a reputable company manage your investment has become imperative for a stable investment. Managing Agencies do relevant ITC checks and require at least 3-month bank statements. This minimizes the risk of defaulting Tenants. Sometimes saving a dime to handle your own rental, cost much more in the long run.
Local property buyers aren't the only one's drawn by South Africa's low interest rates, more overseas buyers are looking to take advantage of the current buyers' market, luxury homes in high-end areas will become more desirable.
The affordable housing market continues to experience an upward trend. This is due to Government support, like the FLISP subsidy for lower income earners and properties purchased under R1 000 000 requires no transfer duty. Banks being more lenient and offering 100% loans plus fees to their customers is also a big contributing factor.
Sectional title properties keep on benefiting with the new stay-at-home lifestyle as people look for homes situated in residential areas with safe outdoor spaces and efficient security.
Considering buying a new home or starting your investment portfolio, Lifestyle Property Group has the Tools.
- It's a Lifestyle
Author: Frans Van Staden
