After an annus horribilis of epic proportions, what can we expect from 2023? The news isn’t great, writesAfter two awful years of a world turned upside down by Covid-19, 2022 was supposed to be our big comeback.
The South African outlook is even less favourable, with further cuts expected to the official growth forecast of around 1.9%. In late December, Fitch predicted a 1.1% economic growth rate for the country. Remember all the unforeseen consequences of the pandemic across social, judicial, technological, economic and political spheres? Covid created an unprecedented global polycrisis, made infinitely worse when Russia invaded the Ukraine.
An example is real estate, which is by a wide margin the largest asset class in the world. Global real estate investment is valued at close to US$360 trillion, with the lion’s share invested in residential property.And despite a cumulative interest rate rise of 350 basis points since November 2021, last year South Africa’s real estate market stood out as the one vibrant investment sector in an otherwise flat economic landscape.
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