![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/PamGolding.png\")
<\/a><\/p>\nWhile Gauteng continues to account for the largest share of national residential estate sales, over the past decade the Western Cape has been steadily gaining ground \u2013 noticeably so during the recent 2020 surge in estate sales, to the extent that in regard to estate sales during the month of December 2020, the Western Cape overtook Gauteng province, said Dr Golding.<\/p>\n
\u201cNotably, the Eastern Cape, which accounts for less than 5% of estate sales, has been gradually gaining market share and by December last year accounted for a slightly larger share of the market than KZN.<\/p>\n \u201cIn regard to Gauteng, while this province may have seen a decline in total market share of estate sales, it has retained a very similar number of top-end (>R3 million) estate sales.<\/p>\n \u201cAlthough total Gauteng estate sales (as a percentage of total sales) declined sharply in the second half of 2020, it actually recorded a sharp increase in top-end estate sales, suggesting the weakness in unit sales was registered in the other price bands.\u201d<\/p>\n Notwithstanding the fact that the Western Cape dominates in the top-end sectional title market overall, it remains marginally smaller than the Gauteng market for top-end estate sales, which is probably attributable to the fact that the Gauteng estate market is far larger than the Western Cape estate market, Golding said.<\/p>\n \u201cIn Gauteng, unit sales in estates valued at under R1.5 million declined from 73.9% of total estate sales in 2010 to just under half (49.5%) by 2020, while the percentage of top-end (>R3 million) units sold more than doubled, rising from 6.7% in 2010 to 17.6% in 2020,” said Sandra Gordon, Pam Golding Properties senior research analyst.<\/p>\n \u201cThe distribution of estate homes sold according to price bands is very similar in the Western Cape. The total of homes priced below R1.5 million was higher in the Western Cape in 2010 but by 2020 was in line with Gauteng at around half of all estate homes sold in both regions.<\/p>\n \u201cIn 2010, Gauteng estate sales saw a slightly larger percentage in the R1.5 million to R3 million price band, however, by 2020 both regions had nearly a third in this price band. In both provinces, the percentage of sales in the top price band showed very similar growth.\u201d<\/p>\n<\/a><\/p>\n<\/a><\/p>\n