The latest rate hike by the South African Reserve Bank created a stir among property experts, but the market is expected to remain stable for now – as long as sellers price realistically.
Despite the valid reasons for the hawkish hike and property experts noting that they are mindful that the SARB faced a difficult decision, many believe it was a bit steep – especially considering the current pressures on consumers in 2023.domestic inflation rate remains firmly above the target range of 3% to 6%, and the SARB has a constitutional mandate to protect the value of the currency.
“The basic cost of living is out of control for most South Africans. Food price inflation is at a 14-year high, load shedding is now shedding more jobs than kilowatt hours as manufacturing down-times grow ever longer, and we’ll see far greater numbers of small businesses closing doors in the next quarter,” he added.Reserve Bank has to give us some slack, said the CEO of Lew Geffen Sotheby’s International Realty, Yael Geffen.
According to the CEO of Jawitz Properties, Herschel Jawitz, property prices are expected to increase this year by only 2,75% to 3,5%, which means that in real terms, after inflation, property prices are declining by a similar amount.
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