Redefine Properties warns that 2019 could be worse than 2018
The JSE's real-estate sector, which has lost more than R120bn of its value so far in 2018, could be in for an even more difficult 2019, warns the CEO of the second-largest South African listed property company. Redefine Properties’ Andrew Konig said property would remain under pressure because there were no signs economic conditions would improve in the next year and it was also unclear what effect the results of the national election would have on SA’s private sector. Listed property share prices have been battered in 2018 due to the selloff in the Resilient group of companies, the trading in the securities of which is being investigated for price manipulation, while a weak economy has constrained income growth. Many counters have slashed their dividend growth forecasts, having been forced to reduce rentals. The total return for the All Property Index which includes all the listed real estate stocks on the JSE is down about 19% year to date. Despite a number of fund managers saying...
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