What a R3 million house looks like in South Africa – Joburg vs Cape Town, Pretoria, Gqeberha, Durban, Umhlanga

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South Africa’s residential property market continues to feel the effects of semigration and rate hikes.

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Carl Coetzee, the CEO of BetterBond says that semigration is here to stay in South Africa, with more people looking to branch out across the country in pursuit of a better lifestyle or more work opportunities.

According to Coetzee, real estate analysis firm Lightstone has reported a significant relocation of buyers aged 46 and upwards who can afford to make a move to a new city or province, particularly the Western Cape. “Interestingly, we also see a partial return of buyers, particularly at the upper end of the market, to parts of Gauteng. Many of these settle in estates that offer security and an appealing lifestyle.”, the South African Reserve Bank announced a 25 basis point hike, taking the current prime lending rate to 10.75%.

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3 million? Inflation is really killing us. I can’t believe such ugly houses fetch 3m on the market.

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