Early signs of stabilisation are emerging in South Africa’s private construction market, with multi-unit housing approvals up 23% y/y and total residential space increasing by 9% in November 2025. Gauteng has reclaimed the lead in approvals (320 000 sqm, +7% y/y), supported by improving residential and industrial demand.
However, these green shoots remain fragile. A sharp 90% y/y collapse in retail approvals continues to weigh heavily on overall activity, pulling total approvals down 2.5% y/y for the month and 2.1% y/y on a rolling 12-month basis. The data point to a market that is re-balancing toward residential and industrial construction, while retail remains structurally weak heading into 2026…click here to read the report
