A FINAL WORD FROM HUIZEMARK C.E.O.
Category General
As we come to the end of 2023, we can reflect on the year that was, and consider what the new year will bring.
Our property market in 2023 has been shaped by a delicate balance between economic factors, interest rates, and consumer confidence. It's been a challenging year with interest rates rising, to hopefully their peak of the interest rate cycle, continuing power and water issues, and tough trading conditions. Higher interest rates tend to cool down the market, limiting affordability and potentially leading to a more cautious approach from buyers. Market sentiments are also influenced by broader economic indicators, employment rates, and global economic trends.
2024 - We're expecting to be much of the same as 2023, hopefully with more stable interest rates and improved, sustainable services and municipal infrastructure supply of utilities, power and water, and peaceful elections. We believe we are now at or close to the bottom of the interest rate cycle. We predict that it will be one of the best times to buy real estate that we have seen in many years. Our property market is underpinned by a 'sense of resilience', with many areas experiencing high demand. The market will remain agile and flexible, forcing agents to be able to adapt quickly to changes. We are expecting the market to be buoyant in the foreseeable future, with proactive agents capitalising on the opportunities presented. We do need to take the lessons learned in '23 into '24 to be better, be more effective, and be more efficient.
Trends we expect to dominate in 2024
Emerging technologies like AI, evolving demographics of an increasingly nomadic population, the shift to hybrid work patterns, and environmental considerations - creating greater demand for sustainable housing, continuous semigration, and communal homebuying, are trends that will demand our attention. We will observe increased investment in backup power and water solutions from homeowners and businesses. These trends and "Lifestyle Choices" will have a greater impact on "Where" and "How" we live. The South African property landscape is constantly evolving, which will enable investors to navigate its nuances for prosperity and fulfilment.
Success in 2024 will require Property Practitioners to upskill, remain relevant, and focus on understanding their clients and building personal networks and business relationships.
At Huizemark, we are looking forward to providing our clients with excellent service and more soothing property solutions in the New Year!
Author: Bryan Biehler
