We’re halfway through 2025, and if one of your big goals for the year is to buy a home, now is the perfect time for a quick reality check at what’s holding you back. Whether you’re a first-time buyer or returning to the property market, checking in on your progress now can make all the difference between turning your dream into a set of keys in 2025.
Buying a home is a major milestone, but it’s also one of the biggest financial decisions you’ll ever make. While the purchase price might be R1 million, the real cost of buying a property goes far beyond that number. This article breaks down the true costs of buying a R1 million home in South Africa, so you can budget with confidence and avoid nasty surprises.
In a welcome move for households and businesses alike, the South African Reserve Bank (SARB) has officially reduced the repo rate by 25 basis points on 29 May 2025, lowering it from 7.50% to 7.25%. This decision follows sustained declines in inflation and reflects growing but cautious optimism about South Africa’s economic trajectory for the remainder of the year.