Only 10 of the 183,525 homes registered in Soweto, Johannesburg, have achieved a sale price of more than R3 million, according to the latest report from property analysis firm Lightstone.
Most registered houses in Soweto (84%) are worth between R250,000 and 700,000, while 12% are worth between R700,000 and 1 million.
Data shows that the number of registered homes in Soweto has more than doubled since 1994 and by far most of them (99%) are freehold properties. Section title properties have been registered in just two Soweto suburbs, namely Protea Glen Ext 11 and Jabulani, Lightstone reported.
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The vast majority (90%) of Soweto homeowners are under 49 – 47% are under 35. In 2020, regular buyers accounted for 59%, falling to 38% in 2021.
Despite the number of homeowners in Soweto doubling since SA became a democracy, the area’s residential real estate market 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, with 6,964 dwellings registered, but 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 house in Soweto was Braamfischerville Phase 2, followed by Thulani.
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