After a year and a half of pandemic conditions made worse by South Africa’s crippled economy, rising municipal rates and tariffs, violent protests and looting, it’s safe to say the commercial and industrial property sectors have had a difficult time of late.

Second quarter oobarometer statistics released by ooba, South Africa’s foremost home loan comparison service, show how the fresh perspective on home and work life brought about by the COVID-19 pandemic has influenced home buyers to buy real estate that suits their new found needs, at a higher average price. 

Redefine Properties is leading the charge towards a sustainable future in the property sector with a R1 billion issuance on the JSE for its first sustainability-linked bond.

Given the vulnerability of South Africa’s economy in the wake of last week’s unrest, as anticipated, the Monetary Policy Committee adopted an accommodative approach by deciding to keep the repo rate steady at 3.5%, which leaves the prime rate at 7%, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

Today’s announcement to hold the repo rate steady at 3.5% marks a full year that South Africans have been able to make the most of a historic low lending environment, says Carl Coetzee, CEO of BetterBond.

Over the past 15 years, the sectional title market in South Africa has become entrenched as a significant component of real estate sales, rising from 13% of total sales in 2005 to nearly 28% in 2020, says Pam Golding Properties.

The residential property market continues to strengthen, as interest rates remain at record-low levels after a year in which the repo rate remained below 4%, says Carl Coetzee, CEO of BetterBond.

Recent reports on property market trends from Q1 2021 have revealed trends in South Africa which are both alarming and inspiring, depending on your position in the market.

Across the market, residential property sales in Bloemfontein last year (2020) were the highest recorded during the past decade, despite the impact of Covid-19 and the lockdown, says Pam Golding Properties area principal, Ulrich Sirgel.

Make buying your dream home an informed purchase by knowing your credit score.

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