The first three quarters of 2018 saw significant diverging trends at a segment level in private sector-financed residential building activity in South Africa:
- The number of building plans approved for new housing increased by 8,3% year-on-year, largely on the back of growth of 23,3% year-on-year in the segment for flats and townhouse, while the two segments of houses saw a contraction in plans approved.
- The volume of new housing units reported as being completed dropped by 4,4% year-on-year, mainly as a result of a drop of 28% year-on-year in the category of houses smaller than 80m².
- The average building cost of new housing completed increased by 5,4% year-on-year to R7 457 per square meter.
- Building activity regarding alterations and additions to existing houses contracted in respect of both building area approved and the building area reported as completed on a year-on-year basis.
Read more here: Absa building stats September 2018