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Black property buyers on the rise

Business Report
Black property buyers on the rise - property buyer - property market

Transformation in the SA real estate market has come a long way, with almost half of all home loan applications now being made by black buyers, compared with only about 12 percent a decade ago.

This is evident from the latest statistics from SA’s biggest mortgage originator, BetterBond. They represent 25 percent of all residential mortgage bonds being registered at the Deeds Office and include applications and bond grants from all the major lending banks in SA.

These figures show that black home buyers accounted for between 45 percent and 48 percent of all bond applications in the past three months, compared with 43 percent in the same months of last year. Also, black buyers, most of whom are also first-time buyers, now account for between 37 percent and 39 percent of home loan approvals monthly.

“It is very encouraging to see such an increase in the number of black buyers coming into the market and achieving bond approval,” said BetterBond chief executive Rudi Botha.

“It suggests a growing appreciation of the wealth-creation potential of home ownership.

“It is also a clear indication of thatmore tenants are seriously considering that it may now be cheaper to buy than to rent .


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.