Cape Town main contributor to changes in price of residential properties: Stats SA

The prices of residential properties in South Africa increased by 0.3% month-on-month in February this year.  

Statistics South Africa (Stats SA) released the Residential Property Price Index (RPPI) for February on Thursday. The index measures changes in the price of residential properties. 

The survey uses primary source data from the deeds office to estimate the RPPI. It measures this rate at national, provincial and metropolitan municipal levels. 

As of February, the annual national residential property price inflation was 2.6%, an increase from a revised 2.5% in January. 

“The RPPI increased by 0.3% month-on-month in February. The main contributor to the 2.6% annual national inflation rate was Western Cape, which increased by 6.1% year-on-year and contributed 2.2 percentage points,” said Stats SA.

It said the RPPI for all metropolitan areas increased by 2.0% between February 2023 and February 2024.  

The main contributor to the 2.0% annual inflation rate for metropolitan areas was the City of Cape Town, which increased by 4.6% year-on-year and contributed 1.5 percentage points.

The RPPI for properties sold for the first time increased by 2.2% between February 2023 and February 2024. The index increased by 0.1% month-on-month in February 2024. 

The RPPI for resold properties increased by 1.9% between February 2023 and February 2024. The index increased by 0.3% month-on-month in February 2024. 

Sectional title properties increased by 0.9% between February 2023 and February 2024, and by 0.3% month-on-month in February 2024. 

“The RPPI for freehold properties increased by 2.3% between February 2023 and February 2024. The index increased by 0.3% month-on-month in February 2024,” said Stats SA. 

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