{"id":7113,"date":"2024-04-15T08:56:55","date_gmt":"2024-04-15T08:56:55","guid":{"rendered":"https:\/\/propertyprofessional.co.za\/?p=7113"},"modified":"2024-04-15T10:17:32","modified_gmt":"2024-04-15T10:17:32","slug":"bustle-or-hustle-sowetos-rising-dawn","status":"publish","type":"post","link":"https:\/\/propertyprofessional.co.za\/2024\/04\/15\/bustle-or-hustle-sowetos-rising-dawn\/","title":{"rendered":"Bustle or hustle? Soweto\u2019s rising dawn"},"content":{"rendered":"\n
MAIN IMAGE: Khosi Sibiya and Phindi Mphahlele – licensees for Seeff Soweto, Jonathan Kohler, CEO of Landsdowne Property Group, Sicelo Khumalo, principal property practitioner at Property Sales Machine<\/p>\n\n\n\n
Staff writer<\/em><\/p>\n\n\n\n It\u2019s all over the news: Soweto\u2019s property market is booming. Lightstone confirmed this when it released stats showing that some 2,200 residential properties worth nearly R900 million were transacted last year, the highest annual sales value ever recorded in the township.<\/p>\n\n\n\n This is not the first time Soweto has been hailed as experiencing a boom. In 2019, a small uptick emerged when it was reported that a shortage of freestanding homes priced below R500 000 was the only factor holding back the township\u2019s property market, yet it thrived regardless, even managing to weather the Covid storm. <\/p>\n\n\n\n Over the past two decades, Soweto has gained a strong reputation as a hub of growth and culture. Spanning some 200 square kilometres, it is home to an estimated 1.3 million people, living in 37 suburbs in 186,000 properties, which, says Lightstone, is more than double the 1994 figures.<\/p>\n\n\n\n Within this region are notable different types of properties. Soweto is no longer viewed as simply comprising low-cost housing; its offerings range from shacks to multi-million Rand homes, among them a large portfolio of rentals. Make no mistake, however, that this area remains marginalised given its high levels of prevailing poverty and unemployment.<\/p>\n\n\n\n While 90 percent of residents are long-time residents, those who left the township to buy elsewhere and are now approaching retirement appear to be returning. Yet, as Khosi Sibiya<\/a> and Phindi Mphahlele<\/a>, licensees for Seeff Soweto, mention, first-time buyers are also escalating demand. It\u2019s not surprising, really, with the growth in estates and sectional title development.<\/p>\n\n\n\nWho is buying?<\/h4>\n\n\n\n