The announcement by the South African Reserve Bank’s Monetary Policy Committee that the repo rate will remain unchanged at 8.25% is not unexpected and will see the property market continue to perform as it has during the first half of the year, according to Tyson Properties CEO, Chris Tyson.
Tyson says the Reserve Bank’s decision to maintain interest rates at present levels comes a day after one of the country’s most contested general elections. Although most economists have revised growth in 2024 GDP downwards to around 1%, Tyson is more optimistic and believes that now, post the general election, greater certainty about the direction in which the country is moving politically will result in some economic recovery. Should this be supported by a continued reprieve from loadshedding, there is every reason to expect 2024 to end on a more optimistic note.