Pretoria Earns Global Recognition as the World’s Most Affordable Capital City, According to NetCredit
NetCredit celebrates Pretoria as the most affordable capital city worldwide, bringing a ray of hope and prosperity to the region. Through an extensive analysis of over 800,000 property listings in 73 global capitals, NetCredit calculated the median house prices and determined affordability based on each city’s average monthly net salary.
This exciting news has contributed to Pretoria’s flourishing real estate market, fondly known as the Jacaranda City. Carl Coetzee, CEO of BetterBond, acknowledges the city’s surging popularity, which has driven up house prices by over 13% last year, as per the BetterBond Property Brief (April 2023). This remarkable growth serves as a beacon of optimism for the local economy.
Moreover, Pretoria continues to be a city accessible to buyers across various price ranges, offering a diverse selection of property types, including secure complexes and estates. Its abundant leisure and lifestyle options, exceptional medical facilities, top-tier schools, and prestigious higher education institutions like the University of Pretoria, University of South Africa, and the Tshwane University of Technology make it an ideal destination for residents.
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In addition to its overall appeal, Pretoria captivates young homebuyers, ensuring a promising future for the city’s residential property market. Property24 reports that buyers between 18 and 35 years old make up a significant portion, accounting for 30% of all homebuyers in Pretoria. This influx of first-time buyers marks an encouraging trend as they take their initial steps onto the property ladder. Notably, BetterBond regional data reveals that the average purchase price for first-time buyers in the Greater Pretoria area was nearly R1.4 million during the 12 months ending in April 2023.
Families also find Pretoria appealing, with the 36-49 age group comprising over 38% of homebuyers in the past year, according to Property24. This suggests that the city’s proximity to schools and educational opportunities resonates well with those seeking an ideal environment to raise a family.
Considering all buyers who applied for a bond with BetterBond within the last 12 months, the average purchase price in the Greater Pretoria area stood at R1.66 million. This signifies a thriving real estate market that provides opportunities for various buyers to find their dream homes and contribute to the city’s ongoing prosperity.
Source of Original Post: bizcommunity
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