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Property What the average South African is paying for a house right now – with one province booming Staff Writer · 4 May 2024 According to Lightstone data, the first quarter of 2024 saw a surprisingly robust property market, with average purchase prices below R1.5 million. According to the data, the activity in the first quarter of 2024 was quite similar to that of the previous year.
Lightstone indicated that about 47,276 transactions, worth a total of just over R65 billion (R65,099,737,401), were recorded during the January-March period of 2024. The average transaction price for the first quarter was R1,377,014. The majority of property transactions, accounting for 71.
4%, are below R1.5 million. Transactions between R1.
5 million and R3 million make up 19.7% of the market. Only 9% of all property transactions are above R3 million, but this sector generates 36% of the total value of all transactions, which equates to over R23.
7 billion (R23,749,144,965) at an average price of around R5.5 million. The majority of sales were for freehold properties, which represented almost 50% (around 23,200) of all transactions.
On the other hand, sectional titles accounted for just over 30% (approximately...
Staff Writer.
