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Within the last decade, property trends indicate that the local homebuyer market is gradually moving away from freestanding homes and choosing, instead, sectional title property and homes on private estates.
Comparative differences between these property types have led to the fall of freestanding property as homebuyers, especially first time buyers, opt for more affordable, secure and strategically positioned homes.
A changing property landscape
Sectional titles and estate homes, by their very nature, fulfil these requirements, however, there is another reason freestanding homes are being overlooked. South Africa is witnessing a paradigm shift as the landscape transforms to cater to densification and urbanisation - this transition is most pronounced around major metropolitan areas, resulting in land scarcity as cities expand.
According to the World Bank, the country’s urban populace grew by 17.7 percent, from 46.6 percent in 1960 to 64.3 percent at the end of 2014. Although South Africa has not reached the levels of urbanisation and densification as developed countries, it is heading in that direction and at a faster pace than before. High-density living is only possible if there is enough space to not only sustain but create a thriving society, and property types play a big role in this.
The future of freestanding homes
The need for space, especially in metropoles has begun slowing down the development of freestanding homes in preference for comparatively smaller properties that accommodate a higher number of people. It is this shift in the urban landscape that has contributed to the proliferation of sectional titles and estates, and with more people moving into concentrated areas, this trend is expected to continue until freestanding homes become a rarity.
This, however, does not mean that freestanding homes are becoming irrelevant, instead, it is entering a new chapter, one defined by exclusivity and high demand when compared to the available market stock. Coupled with this is the peace that comes with living away from the congestion and noise of metropoles. Thus, the appeal of freestanding homes will be found in its exclusivity and quieter surroundings, and this will set freestanding home buyers apart from the rest.
Currently, freestanding property makes up the largest stock across the country, comprising 82.7 percent, followed by sectional titles at 12 percent and estates at 5.3 percent. The current shift in the landscape is most evident in the number of newly completed buildings, whereby, flats and townhouses stand at 26.6 percent.
As freestanding homes become increasingly rare and demand begins to outstrip supply, especially among homebuyers who seek quieter places to live, this is set to open up new investment opportunities within the market. For those looking to enter this exclusive residential market, can do so through premium freestanding properties available from Dormehl Property Group. The options available range from Grandiose mansions to comfortable family homes that make for options that suit a vast range of preferences.
Author: Dormehl Property Group
