Over the last two decades, these areas have evolved immensely with the introduction of RDP and other state subsidised houses, and the transfer of land and stands from government and local authorities to private individuals. There are currently about 1 850 000 registered properties in South Africa that were traditionally known as townships. Housing activity, however, did not come to a grinding halt during this period with the amount of private individuals that sold their properties increasing from 10% in 2003, to its highest levels in 2008 at 43%. This trend changed radically during the subprime crises in 2007, with the proportion of first time transactions reducing to 6%. During this time, of all the transactions taking place in townships, 43% were properties that transacted for the first time and 34% were transfers from the local authorities to private individuals and institutions. There is, however, a clear distinction in the frequency of yearly transactions in townships, as well as a changing relationship between transferor and transferee as the South African economy evolves.Īccording to Lightstone, provider of comprehensive data, analytics and systems on automotive, property and business assets, between 19, the property market saw the most transaction activity in South African townships, with more than 55% of all transactions occurring in this period. While townships are still primarily considered to be areas of low cost housing and government provided housing, some suburbs within these areas are starting to resemble the rest of the South African property market. Of these transactions, more than 2 000 000 have occurred in areas that have traditionally been referred to as townships. To put things into context, more than 11 000 000 property transactions have occurred in the South African property market since 1994. The evolution and rise of townships in areas across South Africa is a trend that has definitely had an impact on the property market in South Africa. South Africa as a country has seen tremendous growth in the 20 years of democracy, which has had a profound impact on the property market.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |