Affordable housing needed

DEMAND UP: DOUBLE-DIGIT RISE IN 4 YEARS

- Terri-Ann Brouwers

Affordable housing in South Africa is experiencing a significant resurgence, with steady demand for properties priced between R350 000 and R700 000.

Standard Bank has reported a double-digit increase in activity in this segment over the past four years, largely driven by ongoing urbanisation and private sector investment in housing projects.

Many families are also choosing to purchase homes in less densely populated areas, prioritising affordability, space and an improved quality of life.

"Buyers are prioritising cost and value for money by choosing homes on the outskirts of major metros," said Realty Property CEO Grant Smee.

"These areas offer larger properties and often a better quality of life, with less congestion and access to more open spaces."

Who is driving the demand for affordable housing?

Households earning up to R30 000 per month remain the primary buyers in this segment.