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Overseas Property News
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South Africa property prices continue to fall
Country: South Africa
13 February 2009
South Africa property prices remain firmly in negative territory, according to the latest data compiled by two South African banks.
First National Bank report that average property prices in South Africa depreciated by 4% year-on-year in January, while Standard Bank’s latest house price index shows an annual fall of 3.6% during the same period.
The South African property market is expected to remain weak throughout 2009, although falling inflation and interest rates may steadily help improve property market conditions.
"Residential demand is expected to respond positively to the expected series of interest rate cuts despite weak economic growth," reported FNB in its housing price index for January.
"Against the positive of declining interest rates, though, we have the spectre of slow economic growth with the poor job creation prospects that it brings.
"While growth should receive some stimulus from falling interest rates, it will face challenges for as long as the global economy remains in its slump, and that could be for some time."
See Also: South Africa
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