Stats SA says residential property prices have increased by 3.5% in the 12 months leading up to March 2024.
This marks a slight increase from the 3.1% observed in February, according to the latest Residential Property Price Index (RPPI) report.
The Western Cape led with the highest property price increases, with prices surging by 7.7% in March 2024 compared to March 2023.
This surge contributed 2.7 percentage points to the national inflation rate.
The City of Cape Town was also a significant contributor to metropolitan areas’ inflation, with a 5.7% increase, adding 1.9 percentage points.
Stats SA said the North West also saw a notable rise in property prices, with a 5.0% increase, while Mpumalanga recorded a more modest 2.3% rise.
“In contrast, the Northern Cape and Limpopo experienced declines in property prices, with decreases of 4.8% and 2.3%, respectively. Gauteng saw only a marginal increase of 0.7%.
“Focusing on South Africa’s major metropolitan areas, the RPPI shows that residential property prices in these regions increased by 2.6% in March 2024, up from 2,1% in February,” it said.
Koena Mashale
www.sowetanlive.co.za
