- What are zoom towns?
- Where are these zoom towns located?
- What determines a zoom town?
- SA housing market and shift towards zoom towns?
- What causes buyers to gravitate towards zoom towns?
- Zoom towns in the context of South Africa?
- Semigration statistics in south Africa?
- Benefits of living in zoom towns?
Hello! And welcome to MHG’s first insert/blog post where the aim is to share insights on what the
South African housing market has to offer as well as to give tips and advice on property related affairs.
We encourage you to read, enjoy and share the good news.
The COVID-19 global pandemic caused as much of a detrimental effect on health care systems as it
did to the nation’s economy. While South Africa continues to lick its wounds bouncing between
multiple lockdown regulations to try and recover the economy, the housing market kept resilience
throughout. This could be attributed to several reasons like the interest rate cuts and improved
lending conditions which lead to a boost in the residential market activity in Q4 2020 to name a few.
The article will look at the housing market through a different lens this time. In the midst of a crisis
opportunities tend to present themselves and, in this case, it was in the form of ‘Zoom Towns’. The
term might be new, but these little havens have always been around or perhaps generally perceived
in a different light. For those readers who aren’t familiar with the term, what exactly are these zoom
towns? These are small coastal towns which traditionally were known as getaway destinations but
now have become a prime location in real estate.
A new trend is slowly taking over the market where buyers are semigrating towards these zoom towns
moving away from the hustle and bustle of big cities in search for a better-quality lifestyle and taking
advantage of the current remote working scenarios therefore meaning that its not just retirees but all
kinds of families who are now open to the idea moving to more tranquil environments.
The semigration movement according to Lightstone has recorded 15% of homeowners who have sold
in cities in the last three years leading up to 2020 have moved to smaller towns. The latest FNB Estate
Agent Survey report released in January supports this claim by recording 11% sales in Q4 2020 is a
result of homeowners relocating to other parts of South Africa. The current semigration trend has
caused a reconfiguration in the market where smaller coastal towns like East London and Gqeberha
have seen a surge in sales, with Gqeberha being the current leading metro in the residential market.
One might ask what is it that these zoom towns have to offer? A large part of the answer simply lies
within the name, just like a being on a ‘zoom call’ you are just as connected to the rest of the world
while taking in the beauty of the coast with all amenities well within reach. Families get to experience
much larger spaces and spend less. Opting for growing communities like zoom towns also means much
safer environments with less traffic to worry about. These are only but a few perks of living in zoom
– Siphesihle Renene