Tough times continue for homeowners and the property market in South Africa

The Monetary Policy Committee has voted to keep interest rates unchanged – and while it was expected and an indication that rates are unlikely to move higher, it still means that indebted South Africans will continue to service their repayments with rates at 15-year highs.

Samuel Seeff, chairman of the Seeff Property Group, noted there has been a notable decline in sales volumes since the middle of last year, and price growth has stalled to just about under 1%, which is not a great incentive for sellers. Rates remain at their highest point in 15 years, as the fallout from the global financial crisis has weighed on the local currency.

“There is no universe in which that math computes to anything but a disaster for households that are already overburdened by debt.” “Inflation is not at current levels because people are spending wildly and recklessly. It is higher because of the weak rand, high fuel prices and high food prices.

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South Africa's Residential Property Market to Lose Value in 2024Lightstone's forecast for South Africa's residential property market in 2024 shows that property owners will be losing value on their property in real terms by the end of the year. The forecast is based on projected economic conditions and assumes interest rate cuts in the third and fourth quarters.
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