South Africa’s property market is starting to see an uptick in sales, but the recovery may take longer than other markets across the world.
“Interestingly, this positive phenomenon has been driven on optimistic market sentiment alone, as the country has not had any interest rates cuts so far this year.” “Globally, the main factor affecting property prices and the demand for property is bank lending rates ,” he said. Nicolaides said that the high interest rate environment globally has had a negative impact on property sales and house price growth over the last two years,
He added that there could be good news ahead as global indicators suggest that interest rates have peaked, with cuts expected in the second half of the year.
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