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Downgrading to junk status and ongoing political tomfoolery might make South African investors a little anxious about protecting their investment portfolios against the market volatility resulting from the uncertainty created by the current environment.
Recently, there have been hints emanating from our FNB Estate Agent Survey that foreigner demand for local residential properties may be declining.
News broke last week that The Fitch ratings agency could affirm SA’s rand-denominated credit rating one level above junk at BBB-, a move that no doubt makes us question what this means for the property development and real estate sectors.
South Africa’s downgraded status by international agencies is likely to have significant impact on the construction industry as the cost of credit rises, particularly in existing contracts.