{"id":683607,"date":"2023-04-29T17:00:32","date_gmt":"2023-04-29T15:00:32","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=683607"},"modified":"2023-04-28T16:32:06","modified_gmt":"2023-04-28T14:32:06","slug":"south-africas-new-property-landscape-from-micro-apartments-to-lifestyle-farms","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/683607\/south-africas-new-property-landscape-from-micro-apartments-to-lifestyle-farms\/","title":{"rendered":"South Africa’s new property landscape – from micro apartments to ‘lifestyle farms’"},"content":{"rendered":"

South Africa has a rapidly evolving market, presenting a host of new opportunities.<\/p>\n

Shifts in demographics and lifestyle demands for new and different housing have diversified South Africa’s property landscape.<\/p>\n

Lew Geffen Sotheby\u2019s International Realty CEO Yael Geffen said that the real estate market is no longer frozen in conventionally, with many new types of properties on the market.<\/p>\n

\u201cIn recent years, we\u2019ve outgrown the \u2018one-size-fits-all\u2019 model and the South African housing market\u2019s evolution is now being steered by two distinct influences \u2013 lifestyle changes and broader buyer demographics, Geffen said.<\/p>\n

She added that the rapid development of the residential property landscape has been crucial to more equitable property ownership.<\/p>\n

\u201cNot that long ago, buyers\u2019 choices were limited to apartments, suburban houses or townhouse developments that all looked the same.”<\/p>\n

“Nowadays, not only are clusters and estates of all sizes in the mix but there are also micro apartments, low-maintenance security developments, smart homes and even lifestyle farms on offer.”<\/p>\n

She added that choice, migration, and a rising number of buyers underpin current market shifts.<\/p>\n

Moreover, female buyers are having a major impact on the market, owning nearly 60% of South Africa’s residential stock – on their own or as joint title-holders.<\/p>\n

The number of women-only property purchases is also growing, with more single women entering the real estate market.<\/p>\n

Additionally, close to 130,000 properties were sold to first-time buyers in 2022, totalling over R90 billion. This is encouraging for a country where land ownership is historically important.<\/p>\n

Moreover, the perceived improved quality of life in the Western Cape is leading to nationwide semigration, with semigration into the province beating both Gauteng and KZN combined last year.<\/p>\n

Despite Johannesburg losing qualified buyer semigrants to the Western Cape, investors from other African nations are filling the gap as they try to gain a foothold in the nation’s economic powerhouse.<\/p>\n

Below are some examples of the new types of properties in South Africa:<\/p>\n

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