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South African prices fall 2.5%
Country: South Africa
7 November 2008
South African house prices fell by an average of 2.5% year-on-year in October, as demand for property remained depressed, partly due to higher inflation and interest rates, a survey showed this week.
The monthly Standard Bank property gauge shows that South Africa property prices have been falling since March.
Standard Bank said that average property prices nationwide stood at 580,000 rand (£37,600) in October.
"The reduced affordability of housing, exacerbated by higher mortgage rates, high food and fuel prices and a slowing economy, led to a decline in the demand for residential property and a substantial softening in house price growth," Standard Bank said in a statement.
Interest rates have gone up by 5% since June 2006 - taking the central bank's repo rate to 12% - and together with higher inflation, have put a damper on household spending.
Tighter lending rules since June last year have also ended easy access to credit.
Standard Bank said the sector would likely remain under pressure until Q2 2009.
"Residential property will remain in the doldrums until such time that fundamental drivers of the market take a turn for the better; that may only happen in the second quarter next year," it said.
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