Retail Sales growth tends to be more cyclical than overall economic growth, outperforming the latter in good times, but often underperforming economic growth in tougher times.

The FNB/BER Building Confidence Index rose to 40 points in 4Q2016, its best level in 12 months.

Sectional Title homes have seen a long term rise in prominence in South Africa’s property trade, driven by mounting urban land and infrastructure scarcity, which requires a “drive” towards smaller average sized properties as we look to utilize land and infrastructure more economically.

The Commercial Property Market has been seeing its average capital growth slowing in recent times, driven by economic growth weakness and interest rate hiking of recent years.

The Residential Mortgage Market is weak in terms of transaction growth, but solid in terms of debt repayment performance under weak economic circumstances.  

The ratings agencies have been circling for months with many fearing a downgrading to junk status, and South Africa’s economic growth rate has been narrowed from 0.8% in February to 0.5%.

In the 2nd Quarter of 2016, the TPN-FNB National Average Gross Residential Yield rose slightly for the 1st time since the 1st quarter of 2014.

After falling to 34 in 2Q2016, the FNB/BER Building Confidence Index increased by 4 points to 38 in 3Q2016.

July Real Retail Sales growth numbers show still slower year-on-year growth, and the sharp negative growth in the highly cyclical Household Furniture, Appliances and Equipment segment of Retail may be a leading indicator of more growth slowing to come.

2nd Quarter 2016 SARB New Mortgage Lending data showed a 2nd consecutive quarter’s year-on-year decline.

Page 4 of 11

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