Potential Changes in the Property Market after Zuma’s Resignation
Category Home Buying/Selling Tips
With all that has happened during the month of February in South African politics, many have stopped to wonder how Cyril Ramaphosa’s presidency will affect the property market. While some have concerns that any changes may be negative, the evidence seems to point that South Africa won’t just have a stronger economy with the new president, but that the property market will grow in strength as well.
We Predict a more Stable Economy
With Zuma having resigned and Ramaphosa being selected to take the presidential reigns, many South African’s hope to see a more stable political environment and some damage control happening in both our government and economy. This should be a turning point for the South African property market as a stable political environment leads to a stronger economy and therefore a more robust property market.
The Waiting is Now Over
Many local and international buyers have been holding off on making property purchases until the economic and political factors in South African had calmed down. For this reason, there has been a building demand with little action on property sales. Now that buyers are having more confidence in both the political and economic situations, predictions show that the floodgates will open and properties will sale more than in the last five years.
Property Prices in Johannesburg
Johannesburg is regarded as an African business hub so many buyers will buy a secondary home for business purposes instead of holiday homes. Many areas such as Sandton have many homes and apartments on sale at the moment after the housing development boom. These properties have prices that are lower than what would be excepted for the area so these properties are expected to sell quickly.
The Rand has Risen
A good indicator for the state of a country is the strength of its currency and on February 14th, the rand could be seen growing stronger against the US dollar throughout the day. This has given many South African and international buyers a greater deal of confidence in the direction that the country is heading as well as more confidence in investing in South African property.
With the much-anticipated change in South African politics and the Government now being headed by a leader who inspires more confidence in the country as a whole, many elements of South Africa are expected to improve. One of the first improvements to be seen in the economy of South Africa is an increase in property sales and investments. Many investors and buyers have been holding off to wait and see what will happen, but now that some confidence has been restored to the country the prediction for property is that the dam is now broken and property will sell fast.
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Author: Lillian Rencken
