The Gauteng property market experienced significant recovery in 2024, driven by increased confidence following the elections and a surge in enquiries, particularly in Johannesburg. Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty, reported dynamic post-election growth, with turnover in Randburg tripling in July, reflecting renewed investor confidence. Many previous homeowners who had sold properties are now returning to the market, often as cash buyers. This shift indicates increasing confidence in South Africa’s economy and a preference for investing in long-term assets.

Odendaal noted strong demand in the rental market, particularly for homes priced between R8,000 and R35,000 per month, though demand for higher-priced rentals has declined. There has also been a rise in interest from South African expats looking to return and buy property, especially in Johannesburg’s northern suburbs, near Sandton.

Foreign buyers have shown increased interest, largely driven by established client relationships. Secure sectional title properties in areas like Hyde Park have become popular, with notable activity at both the R2 million mark and the higher end of the market, where properties above R20 million are tentatively attracting more enquiries.

Odendaal expects Gauteng to become a buyer’s market if the repo rate decreases, potentially giving buyers more leverage. He anticipates ongoing market growth over the next 12 months, fueled by political stability, potential interest rate cuts, and increasing business confidence. Development projects, particularly near shopping and business hubs, are also on the rise, reflecting strategic responses to revived demand.