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TimesLIVE
5 days ago
- Business
- TimesLIVE
Why Diepkloof Ext is a sought-after area among Soweto property buyers
Diepkloof Extension in Soweto is proving to be increasingly attractive to 'people who love the best of the kasi lifestyle with an affluent twist' because of its larger plots and an older, family-orientated community. This is the sentiment of Trish Luthuli, Pam Golding Properties West Rand area manager, who said buyers view it as good value for money. Prices in this section of DK, as it is affectionately known, range from R1.2m to R1.9m, according to the agency's data. 'Most of these homes are built strong and are solid, in an area which has tarred roads and well-maintained pavements. Since there are no sectional title developments here, it makes it unique,' said Luthuli. 'They are being maintained as 'family homes' that lean towards the 'intergenerational living' concept of shared spaces.' An uptick in property sales in Soweto was noted last year by property analytics company Lightstone. Its data showed about 2,200 residential properties worth nearly R900m were transacted in Soweto in 2023, the highest annual sales value yet recorded in the township. Sales of free-standing homes also thrived in 2019. Spanning about 200km 2, Soweto is home to an estimated 1.3-million people, living in 37 suburbs on 186,000 properties, which is more than double the 1994 figures, Lightstone said. The type of housing ranges from shacks to multimillion-rand homes, among them a large portfolio of rentals. Pam Golding data shows that a good proportion of buyers in Diepsloot Ext are older than 36 (41%) and mostly families looking to settle long term. There is also an indication that seniors (older than 65) are buying in Diepkloof, many of whom lived elsewhere in Soweto, and can now afford to move into the area. When they look to move to Soweto, they go to Diepkloof Ext. It is a highly sought-after area. People who are working in the Roodepoort area and Westonaria are also looking for property in Diepkloof Ext Mothobi Mothopeng, Seeff agent in Soweto 'DK has easy access to amenities like the N1 Highway, access to the Southgate Mall, Maponya Mall, Gold Reef City Amusement Park, and Baragwanath Hospital, among others,' she said. Seeff Soweto agent Mothobi Mothopeng, who has been working in the Soweto region for more than 15 years, is seeing buyers who are downgrading from Joburg's northern suburbs like Sandton and purchasers who previously lived in the southern suburbs. 'When they look to move to Soweto, they go to Diepkloof Ext. It is a highly sought-after area. People who are working in the Roodepoort area and Westonaria are also looking for property in Diepkloof Ext,' he said. There is a shortage of housing stock, however. 'Sellers are in short supply, people don't want to sell there. I may sell one or two properties in a year, and I am well known in the area,' he said. The limited number of properties on the market means DK Ext can cost more than those in southern suburbs like Winchester Hills and Ridgeway. Mathopeng said the average price of a property in these suburbs is about R1.2m, whereas in Diepkloof Ext, that is the starting price. He said very few houses cost about R1.2m. 'One of the things that attracts buyers is DK Ext's road connections, unlike the old Diepsloot,' he said, which allow for easy access to schools and shopping centres like Southgate Mall. There are three primary schools and one high school in the vicinity, with several well-looked-after preschools. However, many residents choose to send their children to schools in the southern suburbs. DK Ext residents have legal Eskom connections, unlike the illegal electricity problems of old Diepkloof. They are not affected by load rotation measures and service delivery protests generally do not affect them. Rentals are also popular in the area but Mathopeng said there is a huge difference in type and price compared with broader Soweto. He said an open-plan one-room house with a bathroom, a kitchen and a fitted cupboard goes for about R4,500 a month. 'Town houses in the suburbs of Joburg are very expensive. People are no longer going to rent in towns; they are looking for rentals in Soweto. We are managing more than 200 rental properties.' He is seeing increased interest in property in other areas of Soweto too, such as new developments in Protea. Even older houses don't last long in the market as people are buying, developing and turning them into rentals. 'For example, an old property in Orlando, just one bedroom and an open kitchen and sitting room — those old two rooms, they are rotten with no wall paint and have shacks in the yard. You put that on sale for R500,000, it doesn't last a month, people are buying it now.'
Yahoo
14-07-2025
- Business
- Yahoo
LIGHTSTONE RECOGNIZED YEAR-OVER-YEAR AS A BEST PLACE TO WORK
Company Culture is the Foundational Building Block for the Award-Winning Firm NEW YORK, July 14, 2025 /PRNewswire/ -- Lightstone is proving that real estate isn't just about buildings—it's about building people. Crain's New York Business most recently ranked Lightstone in the Top 40 on the publication's 2024 list of Best Places to Work in New York City. Its property management division, Beacon Management, was also recognized on a national level, ranking in the top 50 on Glassdoor's 2025 Best Places to Work: U.S. Small and Medium Business (SMB) list, with an impressive 4.3-star employee rating in the first quarter of 2025. "We don't see culture as a perk—it's our foundation," said Mitchell Hochberg, President of Lightstone. "These honors reflect the passion and purpose our team brings to the office every day, and to every building and project in the Lightstone portfolio. We are intentional in our efforts—it's about building something meaningful, together." Employees enjoy daily free meals, spontaneous social events, summer Fridays, and yes—even company-provided Fitbits to fuel a little friendly wellness competition. But the real investment is in people's growth. Lightstone offers mentorship programs, tuition reimbursement, leadership development, and certification support for team members at every level. Health and well-being are also a top priority at Lightstone. Employees get more than the usual benefits, with 24/7 nurse support, medical concierge services, fertility and mental health resources, gym reimbursements, CPR training, and more. "Our incredible staff are the reason we are recognized on these highly-acclaimed lists annually—because we're investing in our people," said Kara Morett, EVP of Human Resources. "We're not here to be average. We're here to be exceptional—together." This year's honors add to a growing list of industry and workplace recognitions Lightstone has received over the past few years, including Commercial Observer's Power 100, ALIS Development of the Year, and Conde Nast Traveler's Readers' Choice Awards. About Lightstone Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing, and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 210 existing properties, Lightstone's over $12 billion portfolio currently includes over 12 million square feet of industrial, life sciences, and commercial properties, over 30,000 residential units, and over 5,100 hotel keys. Lightstone's development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami. View original content to download multimedia: SOURCE Lightstone Error in retrieving data Sign in to access your portfolio Error in retrieving data
IOL News
07-07-2025
- Business
- IOL News
Young South Africans still value homeownership, despite market pressures
home ownership, property, house, investment, expenses, home buyer, bond repayment, insurance, maintenance, levies Despite economic challenges, young South Africans remain committed to homeownership, exploring innovative ways to enter the property market. This article delves into the latest trends, statistics, and insights into the motivations driving this demographic's pursuit of property ownership." Image: Unsplash With growing attention on the country's youth, some may be wondering whether the concept of property ownership is still accessible to this vital demographic today. The short answer is yes. Although young people are entering the property market later than in previous years, data indicates that they still have a strong affinity for homeownership. The latest data from Lightstone revealed that young adults (aged 20-35) accounted for 29.7% of all property transactions in 2024, down from 36% in 2019 and 41% 10 years ago. Notably, 69% of buyers in this age group were purchasing property for the first time. Adding to this, Lightstone's data highlighted homebuyers aged 36-50 as top contenders in the market, accounting for 43% of home purchases, with 42% of this age segment purchasing homes for the first time. Ooba Home Loans' data over the past decade (2014 to 2024) underpins this sentiment. A decade ago, applicants aged >24 to 33 accounted for the lion's share of application volumes (39%). However, by 2024, this figure had dropped by 12%, highlighting the prevailing challenges of a tough economic climate. In the age 33-43 and 43-plus brackets, we had, however, noticed heightened first-time homebuyer activity in 2024, with figures up by 4% and 10%, respectively, at 39% and 32%. Homebuyers aged 18 to 24 years account for the remaining 2%. Factors Fueling the Lag Factors such as the rising cost of living, reduced affordability, economic uncertainty, and high unemployment continue to impact the youth market. Contributing to the current market dynamics are persistently high interest rates. Although rates have dropped by 100 basis points since September last year, we're still operating in a high-interest rate environment. The surge of first-time homebuyers during the pandemic has since waned from 55.6% in May '20 to 45.3% in May '25. Robust deposit values suggest this group may be delaying their purchases to save up for a larger deposit. In today's climate, this segment of homebuyers understands the importance of paying down their home loan as quickly as possible, and while first-time homebuyers' deposit values are trending lower, our Q1'25 data shows that they are still sitting at a healthy 9.6% (R120,366 on average). Last year, first-time homebuyers placed greater emphasis on saving for deposits. That priority appears to have shifted, likely due to the current more favourable lending terms offered by banks. Young First-Time Homebuyers Outspend the Rest Interestingly, though, when these homebuyers do decide to enter the market, they are in fact spending more than any other first-time homebuyer in any other age category. According to Lightstone, homebuyers aged 20 - 35 paid an average of R999,000 for a property, while retirees purchasing for the first time spent the least, averaging R730,000. Furthermore, the data cited that while nearly 60% of young homebuyers bought a home for less than R1 million, a notable 17% bought homes between the ranges of R1 million and R1.5 million. Homebuyers in this category are taking advantage of the adjusted property transfer duty exemption threshold (now at R1.21 million) and maybe 'buying up' by exercising their negotiation skills in a buyer's market where there are good deals to be had. When choosing where to spend, the majority of young homebuyers are drawn to Gauteng. Lightstone data shows that of the top 20 suburbs attracting young buyers, eight are in Johannesburg, four in Ekurhuleni, two in Lesedi, and one in Tshwane, compared to four in the City of Cape Town and just one in KwaZulu-Natal. Finding Alternative Ways to Enter the Market Delayed buying doesn't necessarily mean a lack of interest. Research shows that young homebuyers view property as a sound investment, and our data indicates they're finding alternative ways to make it happen. While the majority of first-time buyers still purchase property as single applicants (55% in 2024), an increasing number are opting to buy jointly with a family member, partner, or friend, in a growing trend known as 'houses before spouses', which rose from 14% in 2014 to 18% in 2024. The buy-to-let market remains buoyant too, recording a year-on-year increase of 0.5% to reach 12.9% in Q1'25. We've seen strong growth in the buy-to-let segment, particularly in the Western Cape, where many investors have opted for a 'rentvesting' strategy: buying properties to rent out while choosing to rent their own accommodation elsewhere. Adding to this, ooba Home Loans 2024 data underpinned a 4% increase in the number of first-time homebuyers purchasing buy-to-let properties. Bringing young homebuyers into the market remains a key priority. The younger generation values property ownership and sees it as a path to building generational wealth. Our steadfast commitment to making the dream of homeownership a reality for every South African is strongly supported by the banks, and we believe that, with the right tools and guidance, more young people will continue to find their footing on the property ladder. * Dyer is the CEO of the ooba Group. PERSONAL FINANCE
The Herald
05-07-2025
- Business
- The Herald
Women dominate property market in SA — here's why
More women are buying property than men, according to a study by real estate investment company Lightstone. The study revealed that women own about 60% of residential properties, either independently or jointly. They are also more likely to be first-time buyers than men, with most of them being single or divorced. Single women purchase homes at nearly twice the rate of single men in many markets, the study revealed. Lew Geffen Sotheby's International Realty in South Africa CEO Yael Geffen said these figures tell a story about women's financial independence. 'Women aren't just buying homes, they're securing their futures,' Geffen said. 'With longer life expectancies and nearly half of marriages ending in divorce, property ownership has become a critical form of empowerment. 'The days of women being sidelined in property decisions are over. They're not just buying homes; they're building legacies. And that's a trend that's only going to grow.' Industry analysts predict that by 2030, women will buy 70% of homes due to the growing trend of remote work.
IOL News
02-07-2025
- Business
- IOL News
How the housing crisis impacts low-income families in South Africa
An artist's impression of the proposed housing projects on Highlands Drive. Image: Supplied As Minister Thembi Simelane tables the Department of Human Settlements (DHS) budget vote on Wednesday, South Africa's low-income households contend with an acute shortage of formal housing stock. According to data analysed by Lightstone, a provider of analytics and systems on property, there was one property for 4.8 households earning under R13 000 a month. The ratio improved to 3.3 households for every one formal property if the salary threshold moved to R26 000 a month, said Hayley Ivins-Downes, the managing executive for real estate at Lightstone Property. For higher income groups, this ratio was closer to 1.2 to 1. 'Either way, more than 80% of South Africa's households earned under R26 000 per month, which meant affordability remained a major obstacle to most households having a property to call their own,' Ivins-Downes said. The property market intelligence provider said there were nearly 12 million households earning less than R13 000 a month, with just under 2.5 million properties available if households stuck to the guideline that they spend no more than a third of their income on housing. Ivins-Downes said this was the most significant gap between households and property available by some distance. 'For example, there were another 2.5 million households earning between R13 000 and R26 000 per month, but there were 1.8m properties available, which translated into 1.3 households for every property available.' Interestingly, there were more properties available than households in the R26 000 to R40 000 salary range. In Johannesburg, couples without matric were said to find affordable stock in areas such as Hillbrow, Johannesburg Central and Orange Farm, while couples with degrees would be buying in suburbs such as Morningside, North Riding and Weltevreden Park. The Fact Sheet that draws the attention of policymakers and other stakeholders to the progress made by South Africans in terms of their highest levels of educational attainment (HLEA), said the proportion of the 25–64-year-old population that had secondary (Grade 12 or equivalent) as the HLEA increased from 27.4% in 2015 to 33.0% in 2023. Persons with the certificates in 2023 of the 25–64-year-old group were at about 3.3%. In 2023, about 6.0% of South Africans aged 25-64 years had a diploma as their HLEA, while 7.3% of this age group had a degree as their HLEA. The largest proportion of the population aged 25–64 years (36.7%) had some secondary education as their HLEA, while 12.4% of persons in this age group had primary education or less than primary as their HLEA. Lightstone said their insights underscored the need for integrated housing, education, and economic policies to address the real barriers facing South Africa's lower-income households. In May, RB Property Group said it advocated for a multi-sectoral approach to housing, one that not only builds homes but also builds communities. The property industry player said it believes that the key to transforming South Africa's housing crisis lies in moving the majority of LSM 1-3 households into LSM 4-6 through job creation, enterprise development, and skills training. It said this requires aligning housing development with sustainable job creation, skills development, and long-term economic participation. Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
