EMPTY RENTAL PROPERTIES EVERYWHERE AS THE RESIDENTIAL MARKET IN SOUTH AFRICA TANKS!

DOWNLOAD OUR FREE OFFSHORE INVESTMENT GUIDE!

The South African residential property market is toast; elections can’t come quick enough.


“In this climate, landlords need to look after good tenants and stop looking for quick wins with high rentals…” — Samuel Seeff, Chairperson – Seeff Properties.

The proportion of rental apartments standing empty has hit an all-time high of 7% in the first quarter of 2019, according to property economists Rode & Associates.

The proportion of empty apartments in Cape Town has skyrocketed to 8.1%.

A decade ago rental apartment vacancies fluctuated between about 1% and 3%.

Real property prices (i.e. taking inflation into account) fell by 0.7% year-on-year to the end of March, according to FNB.

The bank’s data show that 94% of sellers had to lower their prices by 9% on average to sell.

“The property market is driven by… the access and cost of money, the interest rate… and sentiment…” — Samuel Seeff, Chairperson – Seeff Properties.

“We can’t get this election behind us quickly enough… When that’s behind us we’ll get back to business as usual…” — Samuel Seeff, Chairperson – Seeff Properties.

“There is good value. Prices are coming down… Therein lies the opportunity…” — Samuel Seeff, Chairperson – Seeff Properties.

“We see no offers in the middle to upper-end… There is activity, but it’s in the lower price bands…” — Samuel Seeff, Chairperson – Seeff Properties.

“In the Cape… prices are going to have to take a breather…” — Samuel Seeff, Chairperson – Seeff Properties.


Article Source: http://www.capetalk.co.za/



DOWNLOAD OUR FREE OFFSHORE INVESTMENT GUIDE!

DOWNLOAD OUR FREE OFFSHORE OFFSHORE INVESTMENT GUIDE!

 

EQUITOS GROUP

 

SUBSCRIBE