I can only surmise that severe political risk in South Africa weighed down property prices from the 1980s right through the transition to democracy. For example, to use personal experience, we bought our house in the early 1980s at a bargain price because the owners were emigrating to escape the coming violent revolution.
The South African housing market is relatively clean of regulatory distortions. Rent control was abandoned in the 1980s, when it was seen to be impeding construction of new housing, especially apartment buildings. So it is perhaps surprising that the ANC in its election manifesto promises to “accelerate legislative measures to eliminate speculative behaviour” in the property industry. The manifesto describes housing prices as too high. The party says, it “will introduce measures to address high land and property costs”.
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