Cape Town has highest sectional title prices
The sale of sectional titles appears to be growing in the percentage of total sales nationally. This is according to data from the Pam Golding Property Group, as well as analytics group Lightstone.
“According to Lightstone data, sectional title units now account for a growing percentage of total sales nationally – rising from an average of 22% of all sales in 2010 to 27.7% of all sales in 2019,” said Dr Andrew Golding, who is the chief executive of the Pam Golding Property Group. “This is despite the large number of new, affordable, predominantly freehold homes which are being developed and sold in cities across South Africa which has been adding steadily to the national stock of freehold homes.”
According to Golding, the popularity of sectional titles have increased over the past 10 years – this is not just because they are more cost-effective, but also because they often offer higher security and are a communal way of living.
“In 2000, 13.5% of all plans completed were for sectional title homes (the total includes homes under 80sqm, namely affordable homes). By 2019 this had risen to 54.9% (although this dropped to 46.1% in the first two months of 2020 – the latest data available). During the third quarter of 2019, sectional title as a percentage of total plans completed peaked at 59.7%,” he said.
Read the full story on: Capetown Etc.