Joburg and Cape Town house prices plummet in second quarter, says report
Johannesburg house prices‚ and those in Cape Town‚ plummeted in the second quarter of 2017‚ while Durban performed the best of the major South African cities. This is according to the Global Residential Cities Index published by global real estate consultants, Knight Frank. The index looks at the development of average prices of properties in 150 cities. Johannesburg’s house prices showed a decline of 5.1% during the period‚ while Cape Town’s house prices declined by 2.1%. Durban‚ on the other hand‚ showed an increase of 3.9%. However‚ Durban’s prices did not fare as well as those in Toronto‚ Canada‚ where prices ended the year to June 29% higher. "Toronto leads the rankings this quarter with prices ending the year to June 29% higher‚" said Kate Everett-Allen‚ head of international residential research at Knight Frank. Seven other cities‚ including Kochi (India)‚ Hamilton (Canada)‚ Reykjavik (Iceland) and Hong Kong registered growth around the 20% range. Everett-Allen said the index...
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