Annual national residential property price inflation reached 2.6% in February 2024, showing an increase from a revised 2.5% in January 2024.
The Residential Property Price Index (RPPI) experienced a 0.3% month-on-month increase in February 2024.
Statistics South Africa (Stats SA) published the Residential Property Price Index (RPPI) for February. The index measures changes in the price of residential properties.
The Western Cape was the primary contributor to the 2.6% annual national inflation rate, with a significant year-on-year increase of 6.1%, contributing 2.2 percentage points to the overall figure.
For all metropolitan areas, the RPPI rose by 2.0% between February 2023 and February 2024. The City of Cape Town led this growth with a 4.6% year-on-year increase, contributing 1.5 percentage points to the annual inflation rate for metropolitan areas.
The RPPI for properties sold for the first time increased by 2.2% between February 2023 and February 2024, with a 0.1% month-on-month rise in February 2024.
Meanwhile, the RPPI for resold properties saw a 1.9% increase over the same period, with a 0.3% month-on-month rise.
Sectional title properties experienced a 0.9% increase in the RPPI between February 2023 and February 2024, with a month-on-month increase of 0.3% in February 2024.
Freehold properties saw a 2.3% rise in the RPPI over the year, with a 0.3% month-on-month increase in February 2024.
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