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The first month of 2017 saw the value of outstanding credit balances in the South African household sector rising by a much subdued 0,6% year-on-year (y/y) to R1 494,2 billion, after growth of 0,7% y/y at end-2016.
MAS Real Estate Inc (“MAS”), a commercial property investor, developer and operator listed on the main board of the Johannesburg Stock Exchange (“JSE”) and the Euro-MTF market of the Luxembourg Stock Exchange (“LuxSE”).
If Sandton, the financial centre of South Africa, has been impacted by the national economic slowdown, the city appears, at least physically, to show little sign of this.
2017 looks to be a challenging year for the South African property market, as quarterly statistics released by ooba, South Africa’s largest bond originator, point to ongoing affordability constraints for South African consumers.
The value of outstanding credit balances in the South African household sector increased by a negligible 0,7% to R1 485,7 billion in 2016, down from growth of 4,5% in 2015.
The announcement by the Monetary Policy Committee meeting that the repo rate remains unchanged is surely what is needed to help fuel increased activity in the residential property market, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
Building activity with regard to new private sector-financed housing in South Africa remained much subdued in the first eleven months of 2016 compared with the corresponding period in 2015, based on data published by Statistics South Africa.
Until very recently new owners of properties were held liable for the historical debt of a seller due to a municipality in terms of Section 118(3) of the Municipal Systems Act.
Holding the repo rate steady at today’s Monetary Policy Committee meeting today (24 November 2016) was the right decision and one which is expected to help boost consumer confidence at a time of the year when many are planning and making career and lifestyle decisions for the year ahead, says Dr Andrew Golding, CE of the Pam Golding Property group.
Port Elizabeth has a reputation for being “the friendly city”, and its great schools, sandy beaches, salt-scented air and relaxed pace of life have certainly won the town many devoted residents.