South Africa’s Property Prices Rise 1.9% in January 2024, Western Cape Leads with 5.5% Increase

  • South Africa's RPPI shows 1.9% annual inflation in January 2024, with Western Cape leading at 5.5%.
  • City of Cape Town drives metropolitan inflation with a 3.9% year-on-year increase.
  • RPPI for first-time properties rose by 2.5% annually, while resold properties saw a 1.2% increase.

South Africa’s residential property prices experienced modest growth in January 2024. This information was released by Statistics South Africa (Stats SA). The data provides insights into national and provincial property trends.

National Trends

Annual and Monthly Changes

The national Residential Property Price Index (RPPI) saw an annual inflation rate of 1.9% in January 2024. This figure is unchanged from December 2023. On a month-to-month basis, the RPPI increased by 0.2% in January 2024.

Key Contributors

The main contributor to the 1.9% annual national inflation rate was the Western Cape. The Western Cape’s property prices increased by 5.5% year-on-year. This increase contributed 2.0 percentage points to the national inflation rate.

ProvinceWeightIndex (Dec 2020=100)% Change Jan 2023Dec 2023Jan 2024Jan 2024 vs Dec 2023Jan 2024 vs Jan 2023
Western Cape34.12114.6120.3120.90.55.5
Eastern Cape5.04105.9105.7105.90.20.0
Northern Cape0.76105.3102.4102.3-0.1-2.8
Free State2.42111.6114.4114.60.22.7
North West2.40114.4124.5125.30.69.5

Metropolitan Area Analysis

Annual and Monthly Changes

The RPPI for all metropolitan areas increased by 1.1% between January 2023 and January 2024. On a month-to-month basis, the index rose by 0.1% in January 2024.

Key Contributors

The City of Cape Town was the primary driver of metropolitan area inflation. It saw a year-on-year increase of 3.9%, contributing 1.3 percentage points to the overall metropolitan area inflation rate.

Metropolitan AreaWeightIndex (Dec 2020=100)% Change Jan 2023Dec 2023Jan 2024Jan 2024 vs Dec 2023Jan 2024 vs Jan 2023
All metropolitan areas100.00108.5109.6109.70.11.1
City of Cape Town32.60110.7114.6115.00.33.9
Buffalo City1.9599.0104.4104.60.25.7
Nelson Mandela Bay4.15109.4106.8107.00.2-2.2
City of Johannesburg21.97104.3102.3102.2-0.1-2.0
City of Tshwane14.98108.3108.8108.80.00.5

Property Types

Properties Sold for the First Time

The RPPI for properties sold for the first time increased by 2.5% year-on-year in January 2024. The index rose by 0.1% month-to-month in January 2024.

Resold Properties

The RPPI for resold properties saw a 1.2% year-on-year increase in January 2024. Month-to-month, the index grew by 0.2%.

Sectional Title Properties

The RPPI for sectional title properties increased by 1.0% between January 2023 and January 2024. On a monthly basis, the index rose by 0.2% in January 2024.

Freehold Properties

The RPPI for freehold properties increased by 1.7% year-on-year in January 2024. Month-to-month, the index rose by 0.2%.

Detailed Results

National Index Numbers

The national index numbers and year-on-year rates provide a broader context. The table below shows national index numbers from January 2019 to January 2024.


Year-on-Year Rates

The year-on-year rates illustrate the annual changes over the past five years.



South Africa’s RPPI reflects a stable but modest growth in property prices as of January 2024. The Western Cape and City of Cape Town significantly contribute to this growth. This data offers valuable insights for property investors and stakeholders in the housing market.