Bernadette Hechter

Buying a home in any market can feel daunting, however, it can become even more nerve-wracking when the market is tight and you need to make decisions quicker than you would have if it wasn’t. So how do you approach a tight market as a buyer? What do you need to do to secure your dream home?

Rental growth in South Africa surged in Q2 2024, reaching its highest post-pandemic levels. The PayProp Rental Index shows year-on-year growth peaked at 5.2% in June, outpacing inflation for the first time in five years. While tenants face rising debt burdens, landlords and rental agents are seeing real-terms returns improve, signaling a potential recovery for the sector. Provinces like the Western Cape are leading the way, with rental growth hitting 11.7% – the fastest since 2017.

An Offer to Purchase (OTP) is a legally binding agreement between a buyer and a seller in a property transaction. Once both parties sign the OTP, it finalizes the terms of sale, including the purchase price, property description, and any special conditions. Buyers can withdraw under certain conditions, but doing so without meeting the terms may lead to penalties. It’s crucial for both buyers and sellers to review the document carefully before signing to avoid legal and financial complications.