The 2024 South African general elections have set a new record with 27.79 million registered voters, the highest since the dawn of democracy in 1994 . As the country navigates the aftermath of these elections, significant implications for the real estate market are emerging, particularly in urbanisation trends, demographic shifts, and political stability. Here’s how these factors are influencing the real estate landscape, especially in key regions like Gauteng, KwaZulu-Natal, and Cape Town.
Urbanisation Trends and Regional Impact
Gauteng and KwaZulu-Natal: These provinces lead in voter numbers, indicating high population density and urbanisation trends. Gauteng, with 6.54 million registered voters, remains the economic hub of South Africa, driving demand for high-rise residential buildings, commercial spaces, and mixed-use developments. Similarly, KwaZulu-Natal, with 5.74 million registered voters, is seeing a surge in demand for both residential and vacation properties, spurred by its coastal appeal and infrastructure projects.
Cape Town: Known for its blend of natural beauty and robust infrastructure, Cape Town continues to attract both local and international buyers. The city’s unique position as a leading real estate market in South Africa is reinforced by a growing population of young professionals and families. This influx is shaping the demand for diverse property types, including high-end homes, affordable housing, and rental properties.
Demographic Shifts
Young Voters (18-39 years): This age group represents 42% of the voter roll, highlighting a significant market for starter homes, affordable housing, and rental properties. Developers and real estate agents are increasingly focusing on this demographic by offering properties that cater to their preferences for affordability, location, and lifestyle amenities.
Female Majority With women constituting 55% of registered voters, there is a notable influence on market trends and demands. Properties that emphasise safety, community amenities, and proximity to good schools are becoming increasingly popular. Cape Town, in particular, sees a strong demand from female buyers looking for family-friendly neighbourhoods and comprehensive amenities .
Political Stability and Policy Impacts The outcome of the 2024 elections and subsequent policy changes play a crucial role in shaping the real estate market. Policies aimed at improving housing affordability, infrastructure development, and stimulating economic growth can have positive effects on the market Political stability and active voter engagement also boost investor confidence, potentially driving more investments into the real estate sector.
Cape Town’s Real Estate Market Cape Town’s real estate market is thriving, driven by its appeal to both local and international buyers. The city’s vibrant culture, job opportunities, and lifestyle amenities make it a prime location for young professionals and families. The rise of co-living spaces, affordable apartments, and high-end properties in Cape Town reflects the diverse needs of its growing population.
The 2024 South African general elections have introduced new dynamics into the real estate market. From urbanisation trends in Gauteng and KwaZulu-Natal to the unique appeal of Cape Town, the market is experiencing significant shifts. Understanding these changes and adapting to the evolving demands of young and female buyers can provide a competitive edge in this dynamic environment.
