PropertyWire, a global property news service, reported that the real estate market in South Africa is experiencing the toughest conditions most people can remember. However, they do predict that the currency fluctuations could help recover the struggling market.
Samual Seeff, chairman of the Seeff property group, is known for selling the country’s most expensive property earlier this year. Seeff says that volumes are down and times are tough. He added that even the top end of the market is quietened down.
Like other agencies, Seeff is not expecting a good summer but is rather focusing on surviving the slump.
Berry Everitt, MD of Chas Everitt International, is more optimistic. He reckons that interest from foreign property investors could be a trend that can help the property market. He added that there is a “mood of optimism sweeping through the global market” in the wake of the US election outcome and is generating renewed interest in South African real estate.
Everitt’s prediction is that European buyers in particular would once again see the properties in South Africa as a good investment, and the weakness of the rand against their currencies will help this on. In addition, he said, the South African market is in good shape and likely to recover faster than other markets.
Everitt says that the foreign interest can already be seen in the “substantially higher” number of inquiries they have received from foreigners.
Everitt concluded by saying that these buyers are not necessarily interested in any property but rather more expensive, lifestyle properties.
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