Empty rental property everywhere as the residential market in South Africa tanks
The South African residential property market is toast; elections can’t come quick enough.
In this climate, landlords need to look after good tenants and stop looking for quick wins with high rentals…Samuel Seeff, Chairperson - Seeff Properties
The proportion of rental apartments standing empty has hit an all-time high of 7% in the first quarter of 2019, according to property economists Rode & Associates.
The proportion of empty apartments in Cape Town has skyrocketed to 8.1%.
A decade ago rental apartment vacancies fluctuated between about 1% and 3%.
Real property prices (i.e. taking inflation into account) fell by 0.7% year-on-year to the end of March, according to FNB.
The bank’s data show that 94% of sellers had to lower their prices by 9% on average to sell.
Listen to the interview in the audio below (and scroll down for quotes from it).
The property market is driven by… the access and cost of money, the interest rate… and sentiment…Samuel Seeff, Chairperson - Seeff Properties
We can’t get this election behind us quickly enough... When that’s behind us we’ll get back to business as usual…Samuel Seeff, Chairperson - Seeff Properties
There is good value. Prices are coming down… Therein lies the opportunity…Samuel Seeff, Chairperson - Seeff Properties
We see no offers in the middle to upper-end… There is activity, but it’s in the lower price bands…Samuel Seeff, Chairperson - Seeff Properties
In the Cape… prices are going to have to take a breather…Samuel Seeff, Chairperson - Seeff Properties
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