Homeowners, buyers, sellers, and those involved in the South African property sector hope that next month’s interest rate decision will bring good news.
The residential property sector in South Africa was particularly hard hit at the onset of the Covid-19 lockdown in 2020. For the first three months, people were unable to buy or sell any properties, and the deeds office itself was closed. In November 2021, the SARB’s Monetary Policy Committee started its current hiking cycle when it noticed an upward trend in the country’s inflation.
Jawitz explained that persistently high interest rates, coupled with low economic growth and pressure on disposable incomes, have meant that “the residential property market and the industry have been impacted negatively, particularly in terms of property price growth.” The CEO added that another crucial factor that impacts property price growth is that of consumer and business confidence, which “has been very low.”
This improved sentiment has resulted in better demand for residential property in the first half of 2024.
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