Balwin Properties’ interim results for the six months ending August 31, 2024, reveal a shift in property market trends, with Gauteng overtaking the Western Cape as the top revenue generator at 49%, compared to the Western Cape’s 46%. This “reverse semigration” trend aligns with recent data showing an increased preference for Gauteng among buyers seeking affordability. Despite economic headwinds, Balwin’s ongoing developments have risen to R6.5 billion, with a 42,000-apartment pipeline across Gauteng, Tshwane, the Western Cape, and KwaZulu-Natal projected over a 15-year cycle.

According to a 2024 report from Lightstone Property, Gauteng and the Western Cape dominate South Africa’s sell-to-buy market, accounting for 48% and 23%, respectively, as buyers either move or reinvest in these provinces. Stats SA data underscores Gauteng’s attractiveness, reporting a population of 15.8 million, including 1.1 million foreign-born residents, who are often drawn by Gauteng’s affordable property prices and economic opportunities. Johannesburg, for example, remains the country’s most affordable major city, with average property prices of R1.2 million and nearly 77% of 2024’s transactions priced below R1.5 million.

While Gauteng’s affordability appeals to a broad market, demand for properties in the Western Cape remains high, supported by growing foreign interest and scenic coastal areas. Balwin has contracted land for two new developments there to replace sold-out projects. Lightstone data shows the Western Cape hosts fourteen of the top fifteen towns with net homeowner gains, illustrating its enduring appeal. This dynamic reflects a dual demand structure: Gauteng for affordability and the Western Cape for lifestyle and scenic allure.