27/09/2019
In a recent review of property buyers’ demographics Lightstone Property reveal that nationally buyers aged 65 and over differ vastly in buying patterns. The three major provinces, Western Cape, Gauteng and Kwazulu Natal are seeing different trends for these buyers.
In a comparison of the three provinces, a clear trend emerges where the Western Cape is growing to the detriment of Kwazulu Natal over the period of 2009 to 2018. “It’s no surprise that the Western Cape is a strong favourite for this age bracket, but it is interesting to note that the preference for properties in Kwazulu Natal has declined,” says Esteani Marx, Head of Real Estate at Lightstone. The demand for properties in Gauteng has remained steady over the same period.
In a national view of buying trends, Gauteng is most popular for property buyers aged between 25-35 with the most property being purchased by this age group. According to Marx this leads to the belief that this portion of the population chooses to settle in Gauteng where there are more career prospects and therefore more opportunity to purchase properties where they work. As the research indicates, buyers over age 65 are acquiring more property in Western Cape than in any other province.
Source: Lightstone Property
