Buffalo City Housing Market Report - 2018
As part of our series of reports on the eight metros in South Africa, this report on the residential property market in Buffalo City, Eastern Cape, provides a detailed analysis of government-sponsored properties, freehold and sectional title homes, new and resale transactions, lending, and first-time homeowners.
The report finds that Buffalo City has the smallest residential property market of all eight metros, in terms of number of properties (122 156) and total value (R78.8bn). 34% of residential properties are valued under R300 000, with another 32% valued R300 000 – R600 000. Government-subsidised houses make up 30% of residential properties in BCM. The number of new transactions in the entry and affordable market has declined significantly in recent years, while new transactions in the conventional market have grown. The majority of new transactions in the conventional and high-end markets have been estate properties.