'Real estate market remains buoyant'

Posted On Friday, 20 June 2003 02:00 Published by
Rate this item
(0 votes)
Real estate market remains buoyant into the first quarter of 2003 despite the increase in the costs of mortgage finance in the first nine months of 2002
By Lynn Bolin

South Africa's real estate market remained buoyant into the first quarter of 2003 despite the increase in the costs of mortgage finance in the first nine months of 2002, the Reserve Bank (SARB) said in its latest quarterly bulletin.

According to the Bank, the overall seasonally adjusted value of turnover, measured by transfer duty paid, remained relatively steady at an average monthly level of R277 million in the first half of 2002 from R276 million in the second half, before increasing to an average of R310 million in the first quarter of 2003.

In 2003, the first four months' average level of transfer duty paid represented an increase of 10.4% year-on-year versus the same period of 2002, a rise more or less comparable to the growth in mortgage advances of 11.2% from April 2002 to April 2003, the Bank observed.

Residential property prices, meanwhile, rose by 16.6% on the year in April 2003, compared to average increases of 14.3% in 2002. This could be due to purchases in anticipation of lower interest rates, it said.

I-Net Bridge

Publisher: Inet-Bridge
Source: Inet-Bridge

Most Popular

It’s cheaper to buy than to rent a home in 2021

Feb 08, 2021
If the past year has taught us anything, it is how important our homes have become to us.

Thavhani City set for more growth in 2021 as its Motor City and medical developments accelerate

Feb 15, 2021
Thavhani City mixed-use urban precinct in Thohoyandou, designed to be the future economic…

SA REIT Association - Chairman's message and 2021 sector outlook

Feb 02, 2021
Estienne de Klerk_Chairman of SAREIT
Real estate has long been a rewarding sector of the financial markets. Like all sectors,…

Brand new residential development in La Lucia 60% sold through Pam Golding Properties

Feb 15, 2021
Such is the consistent high demand for centrally located, well-priced residential…

Optimistic budget masks a number of key risks

Feb 25, 2021
Finance Minister Tito Mboweni’s budget has been received very positively, as demonstrated…

Please publish modules in offcanvas position.