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.

Ray White (in for Bruce Whitfield on The Money Show) interviewed Samuel Seeff, Chairperson at Seeff Properties.

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

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Eskom board 'firmly' behind appointment of new CEO, Numsa says it's a setback

Eskom board 'firmly' behind appointment of new CEO, Numsa says it's a setback

Andre de Ruyter, who is currently the CEO of packaging group Nampak, will take over from Phakamani Hadebe.

Banks play a role in driving the sustainability of natural resources

Banks play a role in driving the sustainability of natural resources

Absa is among 130 banks from 49 countries committing to the UN Principles for Responsible Banking, says Shirley Webber (Absa CIB).

Karatbars – is it a scam? The case for and against…

Karatbars – is it a scam? The case for and against…

Bruce Whitfield interviews senior Karatbars representatives, a financial advisor and someone who was invited to its conference.

Schools don’t teach personal finance - how to raise a future millionaire

Schools don’t teach personal finance - how to raise a future millionaire

Personal finance expert Warren Ingram (Galileo Capital) on how to raise financially free children.

The Duchess - the story behind the world’s first non-alcoholic gin & tonic

The Duchess - the story behind the world’s first non-alcoholic gin & tonic

Launched in 2016, The Duchess has won numerous awards and successfully broke into the UK, Belgium and the Scandinavian countries.

Can’t find your phone? Drop everything – thieves can get into your banking app!

Can’t find your phone? Drop everything – thieves can get into your banking app!

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

Popular articles
[WATCH] Guy eye-rolls after girlfriend takes selfie, has social media talking

[WATCH] Guy eye-rolls after girlfriend takes selfie, has social media talking

Khabazela shares tweets and Facebook posts that have gone viral.

'The problem is incompetent SAA management staff and thieving'

'The problem is incompetent SAA management staff and thieving'

SAA Pilot's Association former chair, Captain Piet Taljaard says the core does all the work while management is clueless.

Schools don’t teach personal finance - how to raise a future millionaire

Schools don’t teach personal finance - how to raise a future millionaire

Personal finance expert Warren Ingram (Galileo Capital) on how to raise financially free children.

What is better - money in the bank or investing in shares?

What is better - money in the bank or investing in shares?

Personal finance expert Warren Ingram offers a definitive answer with an explanation ordinary people can understand.

How to retire while you’re still young(ish)

How to retire while you’re still young(ish)

If you do things differently, it’s possible stop working far earlier than you ever thought possible, says Warren Ingram.

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

Steinhoff’s Web of Deception: An Explainer with Financial Mail journalist Warren Thompson.