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Overseas Property News
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South African property price growth slows
Country: South Africa
6 June 2008
South African property price inflation slowed to an annual 4.3% in May, the slowest rate of growth in over 8.5 years, according to Absa Group.
The South African mortgage lender says that the slowdown in the country’s property market comes as a consequence of weaker demand in light of rising interest rates. Absa reports that average South African property prices stood at 960,700 rand (£62,738) last month.
“South Africa’s property market is under pressure because households are facing affordability constraints due to the effects of higher interest rates,'' said Jacques du Toit, senior property analyst at Absa in Johannesburg. “Demand for property has not disappeared but it is facing serious constraints.”
The South African Reserve Bank has raised interest rates nine times since June 2006 to ease inflation, most recently lifting the benchmark rate by a half point to 11.5% in April - the highest in almost five years. Average mortgage repayments have risen 32% over the period as a result, according to Absa.
Du Toit expects property price growth in South Africa to slow further over the coming months, as a consequence of further impending interest rate rises. The South African Reserve Bank is expected to raise the benchmark interest rate to 12.5% when it meets on 12th June, according to most economists surveyed by Bloomberg.
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