It was yet another historic moment for the South African Institute of Valuers (SAIV) when it elected its first black president at the 2021 National AGM and Seminar held on Thursday, 22 April at the Royal Pearls Hotel in Umhlanga, KwaZulu-Natal.

After the five aggressive repo rate cuts last year that dropped the prime lending rate to a historic low of 7%, homeowners and aspirant buyers have been holding their breath, waiting for the pendulum to swing the other way in 2021.

As the country emerges from COVID-19-related lockdowns, the hard lockdown having been in April and May 2020, high frequency data points to quite a lengthy road back to “full” recovery for the economy.

So asks Dr Andrew Golding, chief executive of the Pam Golding Property group.

Property in the Western Cape is regarded by many as among the most expensive in the country, and for first-home buyers, often completely out of reach. 

In this report, we discuss the 2nd quarter 2020 results of the rental market component of our FNB Commercial Property Broker Survey, which surveys a sample of commercial property brokers in and around the 6 major metros of South Africa, namely, City of Joburg and Ekurhuleni (Greater Johannesburg), Tshwane, Ethekwini, City of Cape Town and Nelson Mandela Bay.

In a recent note, we indicated that, in the “post-lockdown” recessionary period we would likely see the direct economy-related pressures being more severe on the Industrial Property Sector, via a very weak.

During the Corona Crisis-related lockdowns, many residential rental tenants would have seen their incomes decline sharply, and in certain instances even drop to zero.

In a downturn, Property Market Values can deviate dramatically from the market “equilibrium” value, a value which can be far lower than market in recessionary times due to strong resistance by the market to dropping values to make the sales.

A slowing capital growth trend, into negative territory by 2019, has been in play in recent years. The Corona Crisis is likely to add momentum to this correcting trend in 2020.

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