Citymark National Housing Market Report - 2024

This report provides an in-depth analysis of South Africa's residential property market as of December 31, 2023, focusing specifically on the lower end of the market, including affordable housing and properties provided through the national subsidised housing programme. It examines market segmentation by property value to offer detailed insights into the composition and performance of low-value housing stock. Key indicators highlight trends in access to finance for low-income households and mortgage lending activities in this sector. The data reveals a significant decline in market activity in 2023, attributed largely to sustained increases in interest rates following heightened post-COVID market activity in previous years. South Africa’s residential property market was made up of 6.91 million properties and was valued at R6.789 trillion. The majority (76%) of those properties are valued under R1.2 million, underscoring the substantial impact of government investment in housing, which has subsidised 32% of residential properties, totalling 2.183 million units.

Abstract based directly on original source.