The current, exceptionally low interest rates in South Africa have sparked off a sudden and unexpected call for residential property bonds.

The residential property market in the Eastern Cape has remained surprisingly resilient during the unprecedented times the economy currently faces, says Pam Golding Properties.

With the interest rate at its lowest in decades, after the welcome announcement today of a further 25 basis points drop in the repo rate, it may now be more financially prudent to buy rather than rent a home.

The further reduction of the repo rate by 25 basis points to an all-time low of 3.5% takes the prime interest rate down to 7%, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

The South African Gross Domestic Product (GDP) decreased by 2.0% in the first quarter of 2020, Statistics SA has revealed.

Against the backdrop of ongoing measures to address the Covid-19 pandemic in South Africa, the Supplementary Budget 2020 highlighted several key aspects, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

Following two months of hard lockdown, the development of a 2 047-bed student village at the University of Fort Hare (UFH) has resumed this week.

The Estate Agency Affairs Board (EAAB) will re-open its Sandton, Johannesburg offices before the end of June following their closure due to the COVID-19 lockdown.

London Stock Exchange listed Grit announced its intention to de-list from the JSE.

“The COVID-19 Crisis has changed the world a lot, perhaps less through introducing new trends and more through speeding up old trends,” said John Loos, FNB Economist at an FNB Commercial Property Finance (CPF) webinar earlier today.

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