Gauteng is the province of choice for owners of two or more properties, as new data from analytics firm Lightstone shows.
Data for the group includes individuals who owned two or more properties in different provinces as well as the volume of properties owned by multiple owners.
Of homeowners with two properties in different provinces (the first property of which was purchased in Gauteng), 31% bought their second property in the Western Cape and 26% opted for KwaZulu-Natal.
“This would be in line with our previous findings that one in seven people who own two properties own at least one based on the coast,” said Hayley Ivins-Downes, sales manager at Lightstone.
“While this is not surprising given the exodus to coastal areas during holiday periods, it was interesting to find out where several homeowners who first bought homes on the coast chose to invest in. their second and / or third properties.
54% of individuals who bought their first property in the Western Cape chose Gauteng to invest in their second property. 13% chose the Eastern Cape and 12% chose KwaZulu-Natal as the province of choice for their second purchase.
Respectively, 63% of those who bought in KwaZulu Natal, chose Gauteng to invest in their second property, followed by 17% for the Western Cape.
When Lightstone looked at data for owners who own more than two properties in different provinces, the picture looks similar with 52% of multiple owners based in KwaZulu Natal and 47% of those based in the Western Cape choosing Gauteng as their preferred province to invest in.
The split is 27% between the Western Cape and KwaZulu Natal as the province of choice for additional property purchases when considering multiple owners with more than two properties in different provinces
Analysis of the volume of properties owned shows that 57% of individuals who own two properties prefer to own them in the same province, while 44% of two or more properties are privately owned in all provinces.
Lightstone also looked specifically at the main preferred suburbs of the three main provinces.
The Strand Golf Club, Richwood and Sandown are the best performing in the Western Cape, with Bryanston, Morningside and Moreleta Park in the Gauteng top 3.
The south coast towns of Margate, Amanzimtoti and Ramsgate dominate as KwaZulu Natal’s top three preferred suburbs.
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