{"id":749238,"date":"2024-02-10T17:00:00","date_gmt":"2024-02-10T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=749238"},"modified":"2024-02-09T14:54:06","modified_gmt":"2024-02-09T12:54:06","slug":"luxury-property-in-hot-demand-in-south-africa-this-is-what-you-can-get-for-r4-million-plus","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/749238\/luxury-property-in-hot-demand-in-south-africa-this-is-what-you-can-get-for-r4-million-plus\/","title":{"rendered":"Hot demand for luxury property in South Africa – this is what you can get for R4 million-plus"},"content":{"rendered":"\n

Despite the challenging economic environment, South Africans are still looking for opportunities in the property market, with indications that overall spending in the sector is set to increase this year.<\/p>\n\n\n\n

According to the latest oobarometer, the average purchase price in South Africa dropped to R1,411,434 in Q4 2023 – which is a drop of 0.8% and 0.9% from Q4 \u201822 and Q3 \u201823, respectively.<\/p>\n\n\n\n

The average approved bond increased by 1.2% from Q3 ’23 to R1,301,395, while the average deposit dropped by 9.3% year-on-year to R110,039 or 7.8% of the average purchase price. <\/p>\n\n\n\n

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What the average house price in South Africa gets you in Joburg, Durban and Cape Town<\/a><\/blockquote>