Market Transition: Buyer to Seller

South Africa's property sector in 2024 is witnessing a notable shift from a buyers' market to a sellers' market, indicating promising improvements.

The Reserve Bank Monetary Policy Committee's consistent decision to keep interest rates unchanged sets the stage for a potential reduction later this year, which is poised to stimulate heightened activity in property transactions.

Despite experiencing a downturn of 29% on average in 2023, the Lightstone Report highlights a significant trend: 38% of all transactions involved first-time buyers, suggesting a latent demand for home ownership.

This surge in first-time buyers signifies a growing appetite for property ownership, which could contribute to a revitalization of the market. As interest rates are anticipated to decrease, more prospective buyers may enter the market, driving competition and potentially leading to an increase in property prices.

Consequently, sellers are likely to benefit from heightened demand and a more competitive market landscape. Overall, these indicators paint a positive outlook for South Africa's property sector, indicating a transition towards a more favorable environment for sellers in the near future.