The residential property market in South Africa has been growing year-on-year since 2001, except for 2008. Since 2009, the annual house price increase varied between two and eight percent. In 2021, house prices appreciated by 3.7 percent. While the market has been growing, the growth rate was much lower than during the period before the global financial crisis.
Annual percentage change of residential property prices in South Africa from 2001 to 2021
Characteristic
Y-o-y house price change
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as of December of each year except for forecast figures which refer to the annual change
Supplementary notes
The FNB house price change index measures "the rate of change in the prices of individual houses between two points in time, based on when the individual homes are transacted. This means that each house price in any month’s sample is compared with its own previous transaction value. The various price inflation rates of individual homes are then utilized to compile the average price inflation rate of the index over time."
The source adds the following information: "The index is compiled from FNB’s own valuations database, thus based on the residential properties financed by FNB.
We apply certain “filters” and cut-offs to eliminate “outliers” in the data. They main ones are as follows:
• The maximum price cut-off is R15m, and the lower price cut-off is R20 000.
• The top five percent of repeat sales price growth rates, and the bottom five percent of growth rates are excluded from the data set.
• Repeat transactions that took place longer than 10 years after the previous transaction on the same home are excluded, as are repeat
transactions that took place less than six months after the previous transaction on the same home.
• The index is very lightly smoothed using Central Moving Average smoothing technique."
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First National Bank. (March 14, 2022). Annual percentage change of residential property prices in South Africa from 2001 to 2021 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/
First National Bank. "Annual percentage change of residential property prices in South Africa from 2001 to 2021." Chart. March 14, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/
First National Bank. (2022). Annual percentage change of residential property prices in South Africa from 2001 to 2021. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/
First National Bank. "Annual Percentage Change of Residential Property Prices in South Africa from 2001 to 2021." Statista, Statista Inc., 14 Mar 2022, https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/
First National Bank, Annual percentage change of residential property prices in South Africa from 2001 to 2021 Statista, https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/ (last visited July 22, 2024)
Annual percentage change of residential property prices in South Africa from 2001 to 2021 [Graph], First National Bank, March 14, 2022. [Online]. Available: https://www.statista.com/statistics/1317589/residential-property-price-change-south-africa/