ITS MY HOUSE: Why young South Africans are buying fewer houses
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GUEST – Hayley Ivins-Downes, Managing Executive Real Estate Cluster at Lightstone
South Africans under the age of 35 years old are buying fewer houses than before – but they are paying more for them. Data from Lightstone, a provider of comprehensive data, analytics and systems on property, automotive and business assets, shows that the decline
in volumes is proportionately sharper than the overall fall in property purchases over the last six years. Hayley Ivins-Downes, Managing Executive Real Estate Cluster, said purchases by those between 26-35 fell 25% from 92 558 in 2018 to 69 577 in 2023, the
lowest figure recorded in the six-year period, while total overall transfers registered fell 13% from 294 859 in 2018 to 255 726 in 2023.
South Africans under the age of 35 years old are buying fewer houses than before – but they are paying more for them. Data from Lightstone, a provider of comprehensive data, analytics and systems on property, automotive and business assets, shows that the decline
in volumes is proportionately sharper than the overall fall in property purchases over the last six years. Hayley Ivins-Downes, Managing Executive Real Estate Cluster, said purchases by those between 26-35 fell 25% from 92 558 in 2018 to 69 577 in 2023, the
lowest figure recorded in the six-year period, while total overall transfers registered fell 13% from 294 859 in 2018 to 255 726 in 2023.