Whether you’re buying, selling or renting a property in SA, it is important for you to keep up to date with the latest trends on the property market. In this blog, Seeff unpacks five of the property market trends unfolding in 2020.
Real estate across the globe is an intersectional market. It is affected by several factors, each making an impact on how the overall market operates.
The South African property market is no exception. With each change in our socio-economic and political environments, there is a change in how properties look, how much they sell for, and which ones are in demand.
Seeff takes a look at the top five trends that could influence property buyers’ decisions this year.
Trend #1 – Environmental considerations and eco-developments
Climate change is one of the hot topics on the lips of many people these days. It’s no longer a far-off prediction, but rather a phenomenon we’re seeing the effects of today.
This is one of the reasons property owners are switching to sustainable energy sources (apart from avoiding the impacts of load-shedding) and using mechanisms that improve efficiency in the home. Buyers tend to look for such features, in order to boost the value of their property and to improve their living conditions.
Another area gaining momentum in popularity is Ecovillages. Ecovillages are a rather seductive environment, where the focus is on sustainability, slow and low impact lifestyles and a strong sense of community. Many of these villages are highly digitized but are powered through alternative energy sources and have a strong focus on reducing waste and recycling.
Trend #2 - Short-term rental investment partnerships with family or friends
People are partnering with friends and family to create alternative income streams. We are especially seeing this trend in the property investment market. It is in this space that people are trying to supplement their incomes from the growing SA tourism market.
One example where we are seeing this happen is with the popular third party rental app Airbnb, which allows travellers to rent people’s homes or apartments at competitive prices for specific times and days.
Trend #3 – Smart homes and digital living
Everywhere you look, people are walking around with a Smartphone, tablet, or laptop in hand.
These devices are not only for practicality, but they also carry snapshots of significant elements of our lives, such as our photos, contacts, calendars, and much more, but that’s not where it ends. Smart technology is starting to make its way into the South African property market.
Appliances, such as fridges, TVs, and stoves are designed with software that can be linked with personal devices and online accounts to adjust the home environment according to your specific wants and needs.
Smart homes are becoming a top choice within the property market of today.
Trend #4 - Self-sustaining homes
As the eco-friendly lifestyle trend is on the rise across the world, South Africans are paying special attention to minimalist and resourceful living. This is the reason we are seeing more and more self-sustaining home solutions in the property market of today.
People are moving over to solar-powered homes, making use of gas, rainwater harvesting systems and even growing their own organic veggies in the garden. Some might say that eco-friendly and sustainable living might just be the future of real estate in South Africa.
Trend #5 - Growth in sectional title market
The sectional title property market has grown significantly in the past few years.
Some of the plus sides to this trend is a more communal living set up as well as shared costs for property maintenance, it is a win-win scenario if you find the right agents, and the right people to purchase the property with.
Keep in mind that these trends are based on observations, so they aren’t foolproof for every buyer or seller. The key is to understand each trend in relation to your unique situation.
Property is a serious business, so make sure you have the right professionals on your side who offer the most up-to-date advice at the right time.
Contact Seeff today to connect with an experienced and knowledgeable agent who knows the ins and outs of purchasing a property.
Author: Seeff Head Office, 28 February 2020, Top Property Tips