Luxury residences in high demand as market buoyancy remains.

Pam Golding Properties has extended its global reach by establishing a presence in Paris - in prime location in the heart of the 7^th arrondissement, a highly sought-after, upmarket central district in France’s capital city.

“As expected, the Monetary Policy Committee meeting today (18 July 2024) announced that the repo rate would again hold steady at 8.25%, with the prime lending rate therefore remaining at 11.75% - for the seventh consecutive meeting.

After stabilising at +3.01% in Q4 2023, national house price inflation in South Africa has inched higher in Q1 2024, rising to +3.1% in March 2024, with anticipated lower interest rates later this year and stronger economic growth likely to boost both market activity and house price growth in late-2024, according to the latest Pam Golding Properties Residential Property Index.

London’s reputation for capital preservation and stable returns in the residential property market remains unassailable, despite global uncertainties. As a result, it remains a top choice for property investors seeking steady income and long-term investment and capital growth.

Today’s announcement by the Monetary Policy Committee (MPC) that the repo rate would remain unchanged at 8.25% - meaning that the prime rate holds steady at 11.75% - was disappointing for consumers with significant borrowings, including those with existing mortgages as well as first-time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

The Mauritius office of Pam Golding Properties has sold a six-bedroom, luxury beachfront villa in exclusive One&Only Private Homes Le Saint Géran resort development for USD13.6 million – the highest price ever achieved for a residential property sold on the island. The property has been acquired by a foreign buyer.

A predominantly young and rapidly urbanising population is contributing towards a growing demand for sectional title residential properties in South Africa, particularly in the major metropolitan areas and key commercial hubs, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“At the time, the higher-than-anticipated 50bps rate hike at the previous (March 2023) MPC meeting was widely thought to be the last – or at worst the penultimate – repo rate hike in the current interest rate cycle.

With the inflation outlook deteriorating since the previous Monetary Policy Committee meeting – with the headline inflation rate again breaching the upper limit of the 4-6% target for the second consecutive month at 7.4% in June 2022, it was inevitable that a decision would be taken to further increase the repo rate, the question was simply by how much.