Friday, 18 October 2019 09:24

Residential building statistics

Continued evidence of some diverging trends at segment level in the planning and construction phases of residential building activity.

“Never conclude a person by his present status because time has the great power and ability to change a useless coal into a valuable diamond” ~ Punita Sah.

The first quarter of 2019 saw significant diverging trends at a segment level in private sector financed residential building activity in South Africa.

Indluplace Properties Limited (“Indluplace”), the largest, residential focused JSE-listed REIT, with a portfolio that provides affordable rental housing, today released its financial results for the six months ended 31 March 2019.

This month, Africrest Properties opened their latest residential conversion project up for leasing and the first tenants have started moving in.

Levels of building activity in the South African market for new housing remained subdued in 2018, which were much in line with trends since 2010 after the economy emerged from recession in 2008/09.

Berry Everitt, CEO of the Chas Everitt International property group, says that the very detailed State of the Nation Address dealt with all of the economic and social issues that are currently of concern to the real estate industry, including the need to rebuild investor and consumer confidence in SA, stimulate economic growth, accelerate job creation and eliminate widespread corruption.

Private sector-financed building activity (see explanatory note) in the South African market for new housing remained subdued in the first eleven months of 2018, based on data released by Statistics South Africa.

Africrest Properties was thrilled to host the Member of the Mayoral Committee (MMC) for Development Planning for the City of Johannesburg- Reuben Masango as well as MMC for Housing- Meshack van Wyk, at the opening of their latest middle income residential development in Bramley, known as ‘The Village’.

Today’s October CPI (Consumer Price Index) showed a slight acceleration in its year-on-year inflation rate, from 4.9% in the previous month to 5.1%.

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