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Overseas Property News
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South Africa property prices to keep on falling
Country: South Africa
30 July 2009 South Africa property prices are expected to continue falling throughout the rest of 2009, before potentially stabilising in early 2010, according to Absa Bank. In the bank's latest housing review, Absa analyst Jacques du Toit estimated that average property values in South Africa would fall by around 3.5% in nominal terms this year, virtually wiping out the 3.7% annual capital growth recorded in 2008. If Absa’s projections are accurate, then in real terms – when taking inflation into consideration – average South African property prices would fall by around 10% this year. Du Toit commented: “The lagged effect of lower interest rates and a moderate recovery in the economy later this year are factors which will contribute to an expected gradual improvement in residential property market conditions from early 2010.” Housing affordability in South Africa has improved this year based on property values and mortgage repayments to household disposable income ratio. “However, in view of current economic conditions, which impact many consumers, few households are in the position to take advantage of the improved affordability of housing,” Du Toit concluded.
See Also: Marc Da-Silva, Overseas property investor news, South Africa
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