News Formal

Upmarket homes take price hit | Business | M&G

  • 📰 mailandguardian
  • ⏱ Reading Time:
  • 88 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 39%
  • Publisher: 92%

日本 ニュース ニュース

日本 最新ニュース,日本 見出し

The slowing economy has resulted in residential sales in the luxury end of the market — above R3-million — falling into deflation in suburban areas across the country.

According to FNB’s second quarter property market review, which focused on Cape Town and was released a week ago, prices of houses in the affluent suburbs of the city have been declining for a year, partly because of lower demand for houses in these areas.

For example, the FNB data shows prices in the City Bowl were down by an annual 5.7% in the second quarter this year compared to a 3.7% drop in the second quarter of 2018.Zooming out from the rich suburbs, the picture is slightly more positive. The FNB’s Economics Weekly note shows that the nationwide house price growth ticked up marginally in July, recording 3.6% year-on-year from 3.5% year-on-year in June.

“PropStats [an initiative of the Institute of Estate Agents of South Africa] indicates that from January to July this year, homes in Cape Town’s sought-after southern suburbs remained on the market for an average of 133 days compared with the same period in 2018 when homes were on the market for an average of just 57 days,” said Mike Greeff, the chief executive of Greeff Christie’s International Real Estate. The company operates in affluent suburbs such as Claremont and Newlands in Cape Town.

“What is happening now because of the political uncertainty and the economic climate, [is that] demand has dwindled down significantly and therefore it’s impacting that particular area [Cape Town] much more than the rest of the country.” Affluent areas in Johannesburg such as Sandton have dipped by 1.4% year-on-year in the second quarter of 2019 from -0,9% in the same period last year while those in parts of Northcliff slid by an annual 0.4% in the second quarter as compared with 0.9% in the same period last year.

The FNB report shows that sellers in affluent areas around the country are lowering their asking price in response to lower demand. The data shows the intensifying extent to which sellers in Cape Town are dropping their asking price — by 8.2% in the first quarter to about 12% in the second quarter.

 

コメントありがとうございます。コメントは審査後に公開されます。
このニュースをすぐに読めるように要約しました。ニュースに興味がある場合は、ここで全文を読むことができます。 続きを読む:

 /  🏆 2. in JP

日本 最新ニュース, 日本 見出し

Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。

BUSINESS MAVERICK: A good time to braai: SA meat prices floored by export banNow is probably a good time to stock up on steak or wors for the braai, and not just because the weather is warming up. Meat price inflation, according to Stats SA, was only 0.2% in July. But bread and cereal prices were up almost 8%, which could start eating into the budgets of lower-income households.
ソース: dailymaverick - 🏆 3. / 84 続きを読む »