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Overseas Property News
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Johannesburg sales nosedive
Country: South Africa
17 April 2009 The volume of homes being sold in some suburbs of Johannesburg have fallen by up to 100%, causing prices to plummet across most parts of the metropole, according to the Gauteng Property Price Indicator, which is produced annually by Sotheby’s International Realty in South Africa. The report is compiled from Deeds Office data, and reveals the astonishing degree in which the market for property in Johannesburg has tumble over the past year, caused largely by a blend of high interest rates and a lack of available credit. Lew Geffen, chairman of Sotheby’s International Realty in South Africa, says there are a number of suburbs which have not witnessed a single property sale in 12 months. “However, it appears as if the worst is over. We are seeing the emergence of potential buyers who are keen to take advantage of the lower property prices — and who will simultaneously help to reboot the market once interest rates are further reduced and the banks lower their current 15% to 20% deposit requirements to something more reasonable.”
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