Two property trends in South Africa are shaping buying behaviour. Properties and houses that lend themselves to multigenerational living and short-term rentals are increasingly in demand. This is according to Alexa Horne, MD of DG Properties who says that her sales teams are seeing rising interest in versatile and adaptable homes with spaces that can be converted into separate flatlets or self-contained rooms.
“This can take the form of a garage, loft, spare room, pool house, garden shed, etc. that can be turned into a self-contained dwelling. Homes that lend themselves to this trend feature flexible layouts and amenities – whether it is a potential separate living space, additional bathrooms, or separate entrances to provide privacy.”
“There is also increasing demand for houses that are set on larger pieces of land which offer space for home extensions, or the development of separate dwellings on the same property – such as a garden cottage.”
Multigenerational living
Many South African families from all cultures are embracing multigenerational living, where either elderly parents are moving in with their adult children or adult children are moving into their parents’ homes. This can also apply to the extended family such as aunts and uncles, cousins, etc. The reasons for this are varied. For many, it is economic factors and the rising cost of owning and maintaining a home. By sharing living expenses and pooling resources, multiple generations can afford to make ends meet.
Another big reason is that intergenerational living allows ageing parents or grandparents to receive companionship, support, and care as they age. Likewise, older family members who are still able can take pressure off the younger working generation by helping with childcare needs, home maintenance, groceries, etc. Some families may choose to live together to maintain close ties, provide mutual support, and foster strong family bonds.
Overall, multigenerational living offers a range of benefits that contribute to the well-being, stability, and happiness of all family members involved and DG Properties believes that as life expectancy continues to grow, intergenerational living is likely to continue to gain popularity as a viable housing option for many families.
Short-term rentals
More and more people are converting parts of their homes into short-term rental spaces that are let out via platforms such as Airbnb and Booking.com etc. The reason for this is predominantly a financial one as South Africans seek out ways to make extra income. Renting out a spare room or separate flatlet on your property can provide a steady stream of revenue, which can be particularly appealing in areas with high demand from tourists – as Cape Town is!
Renting out unutilised space as a short-term rental is usually more lucrative than traditional long-term rentals – especially in popular tourist destinations or during peak seasons – and provides flexibility as the homeowner can choose when to make their space available for guests, as opposed to having a long-term tenant there all the time.
The combination of financial incentives, flexibility, and the opportunity for personal interaction and cultural exchange makes Airbnb hosting an attractive option for many homeowners. The demand for homes that lend themselves to adaptable living has been growing and as these trends continue, likely, developers and homeowners will increasingly prioritise properties that meet the diverse needs of modern households.
For more information on any of these properties visit www.dogongroup.com or contact DG Properties on 021 433 2580.
