Estate agents are optimistic about the future of South Africa’s property market, but expectations that interest rates will be put on hold may be naive.
That said, the decline in activity has been relatively shallow compared to the global financial crisis. The results also showed that the average time on the market for properties dropped from 85 days in Q2 2023 to 82 days in Q3 2023, with less severe load shedding likely leading to this progress. “We expect that interest rates have reached their peak, with a measured cutting cycle coming into view in the latter half of 2024,” FNB said.the short-term prospects for this forecast carry an upside risk, particularly if upward pressure on food and fuel prices intensifies, and government fiscal position deteriorates and the Bureau for Economic Research said that the South African Reserve Banks Monetary Policy Committee will likely raise interest rates when it meets again next month.
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