A Residential Property Facing Headwinds To Move Forward
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Hayley Ivins-Downes, head of Digital at Lightstone talks about Johannesburg, South Africa – November 2022: South Africa’s residential property is facing domestic and global headwinds after bouncing back positively from Covid-19, according to Lightstone, a provider of comprehensive data, analytics and systems on property, automotive and business assets.
Hayley Ivins-Downes, head of Digital at Lightstone, said rising interest rates, socio-political tensions and a limp economy bedevilled by intermittent power were dampening consumer spirits in South Africa, while abroad the Russian invasion of Ukraine and numerous other geo-political hotspots were unsettling global stability.
Despite all these factors, South Africa’s residential property was showing pockets of progress and opportunity.
Overall transfer volumes were continuing their uneven trajectory, with 2022 anticipated to reach around 330 000, well down from the high of 493 000 recorded just prior to the 2008 crash.
However, if sales in 2022 hit 330 000, it would match the 2021 Covid-19 bounce-back from 263 000 and similar volumes last recorded in 2017 and 2018.
Hayley Ivins-Downes, head of Digital at Lightstone, said rising interest rates, socio-political tensions and a limp economy bedevilled by intermittent power were dampening consumer spirits in South Africa, while abroad the Russian invasion of Ukraine and numerous other geo-political hotspots were unsettling global stability.
Despite all these factors, South Africa’s residential property was showing pockets of progress and opportunity.
Overall transfer volumes were continuing their uneven trajectory, with 2022 anticipated to reach around 330 000, well down from the high of 493 000 recorded just prior to the 2008 crash.
However, if sales in 2022 hit 330 000, it would match the 2021 Covid-19 bounce-back from 263 000 and similar volumes last recorded in 2017 and 2018.
