The average cost of housing in South Africa in the 2nd quarter of 2024, according to RE/MAX, was about 1.135 million rand (64,613 US dollars). For this amount, you can buy a one-bedroom apartment in Cape Town or even a three-bedroom house in other provinces.
In September 2024, the Monetary Policy Committee of the South African Reserve Bank (SARB) announced a reduction in interest rates, which caused optimism in the real estate market. Experts believe that this is a turning point for potential home buyers. After a long period of high interest rates, the sector is ready to recover.
The decrease in demand due to expensive loans led to a reduction in sales by almost 40%. Reducing the rate will bring buyers back to the market, experts hope. Regions such as Cape Town, which previously experienced stagnation, may now become attractive to people who want to take advantage of more favorable conditions.
Source: Businessstech
