During South Africa’s property boom in the early 2000’s private property prices shot through the roof and peaked at 35.7% annual growth. Real estate agents flourished. Everybody thought it would last forever. In 2008 private property lost value by -9% in real terms and 60,000 real estate agents were without a job. Everybody thought that would last forever.
But the market is recovering and now many buyers use buyers agents (who work for buyers exclusively) to find the right private property. If you’re looking to buy, contact buyers agents SAHomeBuyers for your free and non obligatory property consultation. Email us here or telephone us on + (0) 78 233 1562 to find out more.
Private Property – a Market in Recovery
In 2009 private property values remained depressed. House prices only rose by .3%, -5.4% in real terms. Many South Africans hoped the 2010 hosting of the 19th FIFA World cup would somehow blast the South African property market into another boom. That didn’t happen, but houses prices rose by 2.3% (-1.1% in real terms).
This was counteracted by a drop in growth in 2011 because of rising inflation and lower economic growth – mostly the effect of the global crisis. But last year saw positive growth again, and not only a rise in the number of sales of private property but in the prices as well. South Africa’s property sector saw a 15.2% total return last year, which is up from the year before by 4.9%.
South African Private Property – a Buyer’s Market
The South African property market has proved more resilient than that of many countries around the world, but nevertheless it is still a buyer’s market. There is more private property for sale than there are buyers.
But at least there are buyers! Loan interest is at an all-time low. The banks’ appetite for lending appears to be improving. And the South African economy is slowly starting to recover from the impact of recession, both local and global.
Find Private Property the Most Effective Way
Property professionals began to filter back into the private property market as it recovered. Now there are two types of property agents: real estate agents who work for the seller and buyers agents who serve the buyer’s interests exclusively. Contact SAHomeBuyers, South Africa’s top buyers agent, for your free and non obligatory private property consultation. Email us here or telephone us on + (0) 78 233 1562 to find out more.