Only 10 of the 183 525 registered homes in Soweto, Johannesburg, have reached a sale price of more than R3 million, according to the latest report by property analytics firm Lightstone.
Most of the registered homes in Soweto (84%) are valued between R250 000 and R700 000, while 12% are valued between R700 000 and R1 million.
Data shows that the number of registered homes in Soweto has more than doubled since 1994 and most of them by far (99%) are freehold properties. Sectional title properties have been registered in just two Soweto suburbs, namely Protea Glen Ext 11 and Jabulani, Lightstone reported.
The vast majority (90%) of homeowners in Soweto are younger than 49 years old – 47% are under 35. In 2020 repeat buyers made up 59%, dropping to 38% in 2021.
Despite the more than doubling of homeowners in Soweto since SA became a democracy, the residential property market in the area has been relatively quiet after a busy period from 2011 to 2015, according to Hayley Ivins-Downes, head of digital at Lightstone.
The best year since 1994 was 1998, when 6 964 homes were registered, but the numbers in recent years have been more modest at 2 141 in 2019, 2 093 in 2020 and 1 849 in 2021.
The most popular suburb to buy a home in Soweto was Braamfischerville Phase 2, followed by Thulani. – new24.com
