Property Value in South Africa’s Townships Has Soared in Last 10 Years, Valuation Company Analysis Shows

• Properties in five of Mzansi's major townships have seen a spike in the last 10 years
• A company called Lightstone analysed data from residential property sales in Gauteng, KwaZulu-Natal and the Western Cape
• A Durban-based real estate agent said buyers get more value for their properties in townships than in SA's suburbs

JOHANNESBURG - The value of properties in five major Townships in South Africa have soared over the past 10 years.

This is according to data on the average value of registered residential property sales from 2013 to 2023, SowetanLIVE reported.

A company that provides information, valuations and market intelligence on properties in South Africa, Lightstone, randomly selected townships to analyse and has given an overview of home ownership patterns.

Lightstone analysed property value in Gauteng, KwaZulu-Natal and the Western Cape

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The townships that were analysed included Mamelodi, Thembisa and Soshanguve in Gauteng as well as Umlazi in KwaZulu-Natal and Khayelitsha in the Western Cape, TimesLIVE reported

Out of all the areas, Thembisa showed the most pronounced average property value increase, going from R284 217 in 2013 to R717 169 in 2023.

Mamelodi followed second, moving from R232 972 to R687 469 in the same period.

Lightshot also found that depending on the area, most homeowners ranged from young adults to pensioners.

Durban-based real estate agent says buyers get more value from the township than SA suburbs

A Durban-based real estate agent corroborated Lightstone's findings.

Speaking to Briefly News, Brendan Cluley, a principal real estate agent and owner of Private Guy Properties on the Lower South Coast of KwaZulu-Natal, said:

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"The Lighstone figures for the Lower South Coast indicate the average house price in 2013 in Gamalakhe was R300 000. The median in 2023 is currently sitting at R650 000. In the same area, the average recent buyer was between the ages of 36 and 49 years old."

Cluley said the demand for affordable property is likely the main driver for the massive increase in township property prices.

"Buyers are getting more value for their money in the townships than in suburbs."

Oscar Pistorius’ luxury Silver Woods estate house where he shot girlfriend Reeva Steenkamp is being rented out

In another story, Briefly News reported that former Paralympic athlete Oscar Pistorius topped trending lists after his failed parole bid on Friday, 31 March.

Naturally, South Africans' curiosity was piqued as many citizens wondered what happened to his luxury Silver Woods Estate house.

The four-bedroom house was sold to mining consultant Louwtjie Louwrens for R4.5 million a year after Pistorius fatally shot his girlfriend, Reeva Steenkamp.

Source: Briefly News