Retail sales growth remains solid in real terms, having averaged 3.3% for the 1st 5 months of 2016, similar to the average growth for 2015 as a whole.

The FNB Estate Agent Survey has begun to record a mild weakening in agent perceptions of home maintenance and upgrades, following a broad improving trend through 2013 to late-2015.

2015 has seen some positive growth, but Residential Building and Fixed Investment remains low.

South Africa's unemployment rate decreased from 25.4% in the third quarter to 24.3% in the fourth quarter, Statistics South Africa (Stats SA).

The festive season is the most important trading period for South African retailers and shopping centres but, with the consumer crunch, the season is only likely to deliver nominal sales growth.

It should not come as too much of a surprise that growth in residential property transactions broadly slowed as 2011 progressed, as did growth in residential mortgages registered.