{"id":658001,"date":"2023-01-20T17:00:11","date_gmt":"2023-01-20T15:00:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=658001"},"modified":"2023-01-20T15:32:52","modified_gmt":"2023-01-20T13:32:52","slug":"prices-for-these-properties-in-south-africa-are-rising-faster-than-the-rest","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/658001\/prices-for-these-properties-in-south-africa-are-rising-faster-than-the-rest\/","title":{"rendered":"Prices for these properties in South Africa are rising faster than the rest"},"content":{"rendered":"<p>New data from property analytics group Lightstone shows that low-value properties in South Africa are seeing price hikes at rates much higher than other segments.<\/p>\n<p>The group&#8217;s annual review of the South African property market shows that national year-on-year house price inflation is at 2.74% for 2022, having decreased consistently since early 2021.<\/p>\n<p>Annual property inflation remained steady in KwaZulu-Natal and Mpumalanga, increased in the Free State and Limpopo, and decreased in the Eastern Cape, Gauteng, North West, the Northern Cape and the Western Cape.<\/p>\n<p>Across different segments, inflation in the Low-Value segment was once again much higher than that in other segments, it said. Inflation for properties in the Low-Value segment was 9.1%, compared to 3.5% for properties in the Mid-Value segment.<\/p>\n<p>Lightstone bases its segments on the following property values:<\/p>\n<ul>\n<li><strong>Luxury:<\/strong> More than R1.5 million<\/li>\n<li><strong>High Value:<\/strong> R700,000 to R1.5 million<\/li>\n<li><strong>Mid Value:<\/strong> R250,000 to R700,000<\/li>\n<li><strong>Low Value:<\/strong> Less than R250,000<\/li>\n<\/ul>\n<p>Inflation in the Low-Value segment has been consistently higher than other bands over the last five years, peaking at 11.8% in 2021.<\/p>\n<p>Lightstone applies the repeat sales methodology when reviewing and reporting on property data. In contrast to &#8216;average house price&#8217; indices, repeat sales indices provide a measure of the actual price inflation of houses that have transacted twice within a particular period of time.<\/p>\n<p>Although domestic and global headwinds are persisting into 2023, South Africa\u2019s residential property is showing pockets of progress and opportunity, says Hayley Ivins-Downes, the head of digital at Lightstone.<\/p>\n<p>Despite the slight dampening, the most recent comprehensive data from Lightstone points to certain categories of buyers carrying the market, with Mid value and High-value segments carrying the market at 37% and 32%, respectively.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-658151\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector.png\" alt=\"\" width=\"1697\" height=\"421\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector.png 1697w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector-300x74.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector-1024x254.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector-768x191.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector-1536x381.png 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Luxury-sector-1200x298.png 1200w\" sizes=\"auto, (max-width: 1697px) 100vw, 1697px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-658149\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector.png\" alt=\"\" width=\"1711\" height=\"302\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector.png 1711w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector-300x53.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector-1024x181.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector-768x136.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector-1536x271.png 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/High-Value-sector-1200x212.png 1200w\" sizes=\"auto, (max-width: 1711px) 100vw, 1711px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-658147\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector.png\" alt=\"\" width=\"1701\" height=\"305\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector.png 1701w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector-300x54.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector-1024x184.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector-768x138.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector-1536x275.png 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Mid-value-sector-1200x215.png 1200w\" sizes=\"auto, (max-width: 1701px) 100vw, 1701px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-658145\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector.png\" alt=\"\" width=\"1701\" height=\"305\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector.png 1701w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector-300x54.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector-1024x184.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector-768x138.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector-1536x275.png 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Low-value-sector-1200x215.png 1200w\" sizes=\"auto, (max-width: 1701px) 100vw, 1701px\" \/><\/p>\n<p>Regionally, the Eastern Cape showed the highest price inflation at the latest point of recording (September 2022), at 7.1%, this was followed by Mpumalanga (6.8%) and Limpopo (6.7%). The province with the lowest inflation rate was Gauteng at 2.9%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-658157\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Provincial-inflation.png\" alt=\"\" width=\"1062\" height=\"774\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Provincial-inflation.png 1062w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Provincial-inflation-300x219.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Provincial-inflation-1024x746.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/01\/Provincial-inflation-768x560.png 768w\" sizes=\"auto, (max-width: 1062px) 100vw, 1062px\" \/><\/p>\n<p>Looking at the country&#8217;s major metros, reflecting the provincial position, Nelson Mandela Bay had the highest residential price inflation at 8.8%, while the City of Johannesburg had the lowest at 1.2%:<\/p>\n<ul>\n<li><strong>Nelson Mandela Bay:<\/strong> +8.8%<\/li>\n<li><strong>Ekurhuleni:<\/strong> +4.6%<\/li>\n<li><strong>City of Cape Town:<\/strong> +3.4%<\/li>\n<li><strong>Ethekwini:<\/strong> +3.4%<\/li>\n<li><strong>City Tshwane:<\/strong> +3.3%<\/li>\n<li><strong>City of Johannesburg:<\/strong> +1.2%<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/property\/651661\/heres-who-is-actually-buying-homes-in-south-africa\/\" rel=\"bookmark\">Here\u2019s who is actually buying homes in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New data from property analytics group Lightstone shows price inflation cross different segments in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":644295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,7421],"class_list":["post-658001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-lightstone"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/658001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=658001"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/658001\/revisions"}],"predecessor-version":[{"id":658181,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/658001\/revisions\/658181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/644295"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=658001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=658001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=658001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}