South African homeowners and estate agents can rest assure that they are not alone in their battle with the poor property market.
This comes after Mark Friend, vice president of Realogy Holdings (the holding company for a number of leading real estate organisations including ERA), announced at a recent meeting with local agents, that South Africa’s conditions reflected those of the rest of the world.
This information is based on first-hand experience since he deals with responsibility in Australia, Africa and Asia. He also added that the situations in all of these countries are similar regarding poor business conditions, credit restrictions, high interest rates, increasing inflation and declining disposable income.
Surprisingly Mark also said that South Africa is somewhat better off due to the early introduction of the National Credit Act.
Mark finished off by saying that all should be optimistic because things will start looking up. He added that it is vital for homeowners to use every option to stay in a market that has shown us all how quickly things can change.
The information in this article is courtesy of Property24.com, (“SA owners not alone in storm”, Property24.com, 21 October 2008).
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