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.
1st Quarter 2021 StatsSA residential building numbers showed some positive growth in units completed, but growth in plans passed was still negative.
Over the past 20 years, the period 1st quarter 1999 to 1st quarter 2019, the consumer has cumulatively “outperformed the economy, assisting the Retail Property Market to outperform other major property sectors over much of this period.
May StatsSA Building Statistics – Very strong Residential Completions growth still, while on the Non-Residential side Industrial and Warehouse building activity appears to be the provider of “relative stability”
News of yet another principal contractor entering business rescue with tens of millions in debt puts scores of sub-contractors at risk, says MBA North.
We believe that the 0.8% economic growth rate for 2018 as a whole was likely “property negative”, sustaining negative real growth in property values and total returns in single digits.
“South Africa’s residential market is in for an interesting time in 2019, but our predictions for the year are all positive, and we believe that home buyers and investors who take the plunge and buy early will be well-rewarded.”
The Firstrand economic team expects a 25 basis point interest rate hike this week when the SARB (South African Reserve Bank) MPC (Monetary Policy Committee) meets to deliberate on interest rates.
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