Top 9 property trends to keep an eye on in 2023
Category Property News
The real estate industry is continually shifting and evolving, with exciting new developments making an impact in 2023. We will explore these fascinating trends gaining traction so you can make an informed decision about your next property step this year. Here are some trends to keep an eye on:
- Downscaling
There has been a growing movement in recent years toward downsizing to smaller homes, with an increased focus on making the most of a compact living arrangement, such as opting for a smaller apartment instead of a much bigger house. Another effective method for downsizing possessions in your home is to purge - to throw away or sell what is no longer required and carefully consider what should be kept.
2. Semigration
Semigration has become popular among city residents who want to relocate to more scenic settings and experience more outdoor living. Most South Africans want greater space and a stronger connection to nature as they seek a more relaxed lifestyle. Nature-centric and lifestyle-driven locations like Cape Town, Milnerton, Hout Bay, and Yzerfontein have gained popularity over the years.
3. Sectional titles
Owning a single unit inside a complex, as opposed to an entire building, is known as a sectional title. Apartments, townhouses, and other multi-unit projects have sectional title properties. There are benefits to having a sectional title, such as increased safety, access to shared recreational areas, and a stronger feeling of community. Sectional title houses have become more popular due to the country's growing middle class and need for inexpensive, convenient housing.
4. Estates homes
Estate has risen to prominence in South Africa as the preferred housing choice throughout the years, primarily due to the increased sense of security it provides its residents. Wealthy South Africans appreciate the exclusivity and amenities of owning estate property. Among the most well-known estate communities, Applegarth and Medburn Villas Estate stand out as examples of where this is the case.
5. Sustainable living
The rise in environmental consciousness in South Africa has led to a surge in eco-friendly lifestyles and a migration to greener neighbourhoods. Living near the city to walk or bike to nearby areas reduces carbon emissions. Another option is to seek out locations with excellent air quality, emissions, solid waste generation and sustainable policies, like Cape Town, which is ranked as the best sustainable city in Africa.
6. Off-plan properties
Many buyers in today's real estate market opt to buy "off-plan" or before the building is finished, paying the total purchase price during the development phase. Before purchasing an off-plan property, purchasers should do their due diligence on the developer, carefully check the contract, and weigh the costs and advantages before deciding to buy.
7. Multi-generational living
There has recently been an increase in households with several generations living together, including adults and children. All families are unique, with different dynamics, members, and living arrangements. For most, it can be a great way to save money on expenses while reaping the social advantages of having a family. In light of the present economic climate, this is a fantastic way to save up for the future.
8. Home rentals
Buying a home has been out of reach for many due to the recent rise in interest rates. In 2023, rents will rise sharply as more people look to rental housing to meet their needs for both stability and flexibility. Some examples of available rental properties are apartments, single-family homes, and seasonal rentals like Airbnb. Renting could be an excellent option for people who cannot afford a house in a desirable location or want to test the waters before making a long-term commitment.
9. Micro living
Micro living is the trend of living in tiny, compact homes, like flats or studios, to make the best use of space and waste as little as possible. For the most part, micro-apartments are found in desirable metropolitan locations, making it easy to enjoy the perks of having most city amenities within a short distance. It's a terrific approach to living a simple lifestyle and keeping up with urbanisation in big cities like Johannesburg and Cape Town.
DG Homes has the best homes for sale or to let that are a perfect fit for you and your family. Get in touch with us for more information.
Author: Dogon Group Properties