Flats and Townhouses best sellers in 2013

Johannesburg - Smaller homes were the best performing residential property category in the first 10 months of the year, Absa's home loans division said on Thursday.

"The segment of flats and townhouses remained the best-performing category with regard to growth in residential building activity up to October this year," property analyst Jacques du Toit said in a statement.

Overall, planning and construction increased by between 3% and 4% compared with the same period last year.

Du Toit said factors such as the economic outlook, household finances, consumer and building confidence and demand for new housing were likely to continue to drive building activity.

"The continued focus on the supply of new housing in the segments of smaller-sized houses and higher-density flats and townhouses is a reflection of the affordability of housing and mortgage finance against the background of the state of household finances, as well as changing lifestyles." Fin24