JOHANNESBURG - Real estate companies are feeling the pressure of high interest rates as fewer people find interest in purchasing property.
The South African Reserve Bank has increased interest rates 10 consecutive times since November 2021, taking the rate to 8.25%.READ: Cash-strapped SAns feeling effects of recent interest rate hike, says economist The company's housing report shows a 14% decline in the number of bond registrations this year compared to last year.The company added that the number of buyer enquiries had gone down by 30%, while houses that were up for sale had increased by 62%, showing an increase in the number of people interested in selling their properties.
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