Housing market struggling, especially in Joburg
South Africans are holding off on buying homes until interest rates start to drop. They shouldn’t expect that any time soon — rates could remain at the current high until at least mid-2024
It’s taken longer than expected for rapidly rising interest rates and living costs to curb homebuyers’ enthusiasm. But the most recent data from industry players suggests that South Africa’s residential property market is starting to take strain — more in some regions than others.
Sales volumes and house price growth alike have slowed notably in recent months. That follows a two-year mini-boom in housing activity on the back of a sharp pandemic-induced drop in rates to near 50-year lows. ..
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