Residential market could be halfway through its slump
The luxury housing market is suffering the most, estate agents say
The residential property market is probably halfway through its recovery and will be in the doldrums for another three years as the country’s economic slump bites, SA’s largest estate agencies says.
Increases in house prices have lagged behind inflation in the past two years, averaging about 3.6%, a report by Lightstone Property showed on Monday. SA’s inflation rate, which slowed to 4% in July, averaged 4.7% and 4.5% in 2017 and 2018.