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News24.com | This is where South Africans are purchasing their 2nd or third properties

About 57% of individuals who own two properties prefer to own these in the same province.

About 57% of folks who hang two properties receive to hang these in the identical province.

Gauteng is the province of preference for householders of two or extra properties, says Lightstone, companies of property data analytics.

The Lightstone dataset included folks who owned two or extra properties in plenty of provinces, as well to the amount of properties owned by a pair of property householders.

Of the householders with two properties in plenty of provinces (whose first property was bought in Gauteng), 31% bought their 2nd property in the Western Cape and 26% opted for KwaZulu-Natal.

“This is able to correspond with our old findings that one out of seven folks who hang two properties has as a minimum one primarily primarily based mostly at the flee,” says Hayley Ivins-Downes, head of sales for Lightstone.

Now now not handiest the flee

“Despite the proven reality that this comes as no shock interested on the exodus to coastal areas over vacation classes, it is been keen to survey where a pair of property householders who first bought properties at the flee delight in chosen to make investments in their 2nd and/or third properties.” About 54% of folks who bought their first property in the Western Cape chose Gauteng to make investments in their 2nd property, while 13% chose the Jap Cape and 12% elected KwaZulu-Natal as the province of preference for their 2nd lift. 

About 63% of these that bought in KwaZulu Natal, chose Gauteng to make investments in their 2nd property, adopted by 17% electing for the Western Cape. When Lightstone regarded at the details for property householders with extra than two properties in plenty of provinces, the list looks to be just like the same, with 52% of a pair of property householders primarily primarily based mostly in KwaZulu Natal, and 47% of these primarily primarily based mostly in the Western Cape selecting Gauteng as the most neatly-liked province to make investments in.  

The smash up is an equal 27% between the Western Cape and KwaZulu-Natal as the province of preference for added property purchases when reviewing a pair of property householders with extra than two properties across plenty of provinces.

Analysis of the amount of properties owned, presentations that 57% of folks who hang two properties receive to hang these in the identical province, whereas 44% of two or extra properties are owned by a non-public person across provinces.

Compiled by Carin Smith

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