1st Quarter 2024 Property Sales Activity Survey –Brokers point to the commercial property market being off to a start that lacks clear direction in sales activity, much like the economy that drives it. The City of Cape Town is perceived as the major metro region with the strongest sales activity.

Real (inflation-adjusted) retail sales growth for June came in at a negative -2.5% year-on-year rate, weaker than the previous month’s slightly positive +0.1%. 

Covid-19 lockdown didn’t change the direction of the rising long-term Work from Home (WFH) trend.

The fuel price reduction is not yet expected to be sufficient to stop an anticipated weakening in commercial property demand in the 2nd half of 2022, as lagged direct and indirect impacts from earlier fuel price hikes feed through.

It is well-known that the cumulative fuel price increase has added significantly to overall consumer price inflation, and this further increase sustains this pressure.

November hotel revenues - strong year-on-year growth off a low 2020 base, but still far weaker than 2019.

The StatsSA November 2021 release of non-residential building plans pointed to early signs of weakening to come for the Commercial Property Building Sector in the run up to 2022.

Brokers continue to see all 3 major commercial property buying/selling markets as substantially oversupplied, but the perception is that the Industrial Property Market’s oversupply is the least significant.

1st Quarter 2021 StatsSA residential building numbers showed some positive growth in units completed, but growth in plans passed was still negative.

1st Quarter 2021 FNB Property Broker Survey of Rental Market Conditions – Brokers perceive recovery in Industrial and Retail market activity, but little sign of rising activity in the Office Market.

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