AFFORDABLE MARKET
Sales in 2023
“ Sales data in 2023 highlights that nearly 50 000 transfers took place in the Affordable market , which accounted for a third of all sales . However , as the Affordable market constitutes 50 % of registered properties , it does indicate a lower rate of activity in the segment ( 25 % sales from 50 % of the market ),” adds Ivins-Downes .
Township sales accounted for just 10 000 transfers . Sectional Title accounted for 30 % of sales and Freehold 70 %.
Where can you buy Affordable properties ? Just more than half ( 52 %) of the 2.8m properties considered as the formal Affordable market are situated in traditional townships , but the activity ratio for sales as a proportion of stock is highest in the suburbs , and especially in the Sectional Title category .
Affordable property categories There are 1.1 million ( 75 %) Freehold properties in the suburbs , and 300 000 ( 25 %) Sectional Title properties . Almost all Affordable properties in townships are Freehold .
Aging Affordable stock There are about 3 000 developments ( Sectional Title or Estates ) which contain more than 30 Affordable units , totalling around 200k living units . The rest of the market is made up of houses in townships or suburbs , with an average value of R520k .
“ However , many of these developments are aging and have , over the years , declined in relative value , in areas like Durban and Sunnyside ,” Ivins- Downes continues .
A small proportion of the
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