South Africa's Positive Growth in the Property Sector
Although South Africa's economy has been under pressure for the past 18 months, the property market has reported some positive growth trends. From January to March 2019 there has been a 25% growth on registered bonds compared to the first quarter of 2018. This is indicative of financial institutions' inclination for an increase in bond approvals. According to Lightstone data, property prices are escalating, signifying good news for sellers. The current national median price of freehold homes is up by 8.5% and sectional title homes by 5%. Although there is ongoing anxiety around the national electricity grid as well as upcoming elections, these are inarguable positive conclusions for the national property market. South African credit rating as well as interest rates have remained unchanged, promising investor confidence in our market. A complete recovery might take some time still, however, we are already experiencing a steady price curve in the real estate market, shifting from a buyer's market into a seller's market. This shows that the South African property market will remain fluid, even in these challenging conditions.
Being a successful real estate agent is mainly about assisting people to fulfil their dreams and aspirations. At Prime Property our agents are passionate about real estate and are committed to building genuine and lasting personal relationships with their clients.
Author: Prime Property Marketing