Latest news with #GiovanniGaggia
The South African
03-07-2025
- Business
- The South African
South Africans are semigrating - And it's not to where you think
New data from Absa's Homeowner Sentiment Index (HSI) for Q1 2025 has indicated that the semigration tide is turning in South Africa. While the Western Cape has long been the poster child for South Africa's internal migration boom, the latest data shows its grip may be loosening. According to the data, fewer South Africans are semigrating to the Western Cape, with more turning their eyes eastward to the Eastern Cape. The HSI, a quarterly gauge of consumer confidence in the property market, revealed that although the Western Cape continues to attract more people than it loses, its net inward migration has slowed compared to the last three quarters. Meanwhile, the Eastern Cape gained momentum in the first quarter of 2025, registering a noticeable increase in new residents. The slowdown in Western Cape semigration, especially to Cape Town, is largely attributed to rising property prices and urban congestion. Experts say the high cost of living is pushing many would-be property buyers to consider locations that offer a similar lifestyle without the big-city price tag. 'Affordability is key. Buyers are increasingly prioritising value for money, and the Eastern Cape offers larger properties at lower prices than major metros,' Giovanni Gaggia, CEO of Real Estate Services South Africa, said in an interview with BusinessTech . Gaggia also said that the Eastern Cape was becoming a strong semigration alternative for professionals, families, and retirees alike, thanks in part to the rise of hybrid and remote work. Smaller towns across the province offer not only better affordability but also a slower pace of life, access to nature, and strong community ties. The appeal is broad too, with coastal hubs like Gqeberha (Port Elizabeth), East London, Jeffreys Bay, Kenton-on-Sea, Hogsback, and St Francis Bay drawing in semigrating remote workers and retirees. Inland areas such as Queenstown and Stutterheim are seeing growth too, especially among semigrating families looking for better schooling and safety. 'Young families from Gauteng and KwaZulu-Natal are choosing the Eastern Cape for its lifestyle, schools, and sense of security,' Gaggia noted. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
30-04-2025
- Business
- IOL News
Choosing Between New and Secondhand Homes: Essential Insights for Buyers
A decision whether to buy a new property or a second-hand one requires you to get your ducks in a row. Image: Freepik One of the biggest decisions buyers face is whether to invest in a new development or opt for a secondhand home when purchasing a property. Last month, the Absa Homeowner Sentiment Index, a barometer of consumer confidence across six key metrics in the country's housing market, showed that consumer confidence in South African real estate soared to the highest level in a decade. South African consumers were feeling upbeat with their confidence in the future of residential property climbing to 87% in the final quarter of 2024. This was the highest level recorded in a decade, with the dominance of first-time buyers in the market relative to other segments an ongoing trend. Sentiment to buy and invest in property returned strong results in Q4 2024, while confidence to sell surpassed the 50% mark after trailing below this midpoint for the last two years – good news for the future of property stock levels in the market. Giovanni Gaggia, CEO of Real Estate Services, says one of the standout advantages of buying in a new development is that the property is brand new-often accompanied by developer guarantees and warranty coverage, offering peace of mind. 'New developments typically feature modern, energy-efficient designs built to the latest standards. They come with developer guarantees that protect your investment and reduce unexpected repair costs,' Gaggia said. In February, Nondumiso Ncapai, the managing executive at Absa Home Loans, said first-time homebuyers tended to prioritise secure complexes and estates offering amenities like backup power, fibre internet, and water security. She said greater support for property developers and collaborations with banks and the government would assist in providing environmentally sustainable homes for this market at more affordable prices. The CEO said another big benefit is security, as new developments are usually designed with safety as a priority - think access-controlled gates, CCTV, electric fencing, and often 24-hour security patrols. 'In most cases, these security features are already included in your monthly levies. That means buyers don't have to factor in additional costs for private security. '
IOL News
30-04-2025
- Business
- IOL News
New development vs secondhand home: what every property buyer needs to know
A decision whether to buy a new property or a second-hand one requires you to get your ducks in a row. Image: Freepik One of the biggest decisions buyers face is whether to invest in a new development or opt for a secondhand home, when purchasing a property. Last month, the Absa Homeowner Sentiment Index, a barometer of consumer confidence across six key metrics in the country's housing market, showed that consumer confidence in South African real estate soared to the highest level in a decade. South African consumers were feeling upbeat with their confidence in the future of residential property climbing to 87% in the final quarter of 2024. This was the highest level recorded in a decade, with the dominance of first-time buyers in the market relative to other segments an ongoing trend. Sentiment to buy and invest in property returned strong results in Q4 2024, while confidence to sell surpassed the 50% mark after trailing below this midpoint for the last two years – good news for the future of property stock levels in the market. Giovanni Gaggia, CEO of Real Estate Services, says one of the standout advantages of buying in a new development is that the property is brand new-often accompanied by developer guarantees and warranty coverage, offering peace of mind. 'New developments typically feature modern, energy-efficient designs built to the latest standards. They come with developer guarantees that protect your investment and reduce unexpected repair costs,' Gaggia said. In February, Nondumiso Ncapai, the managing executive at Absa Home Loans, said first-time homebuyers tended to prioritise secure complexes and estates offering amenities like backup power, fibre internet, and water security. She said greater support for property developers and collaborations with banks and the government would assist in providing environmentally sustainable homes for this market at more affordable prices. The CEO said another big benefit is security, as new developments are usually designed with safety as a priority - think access-controlled gates, CCTV, electric fencing, and often 24-hour security patrols. 'In most cases, these security features are already included in your monthly levies. That means buyers don't have to factor in additional costs for private security. '
