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South Africa - LexisNexis
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Cape Town’s overpriced property means other provinces have gained
South Africa - Property360
While Cape Town is a lovely place, high property costs could mean buyers are looking elsewhere
Cape Town might be South Africa’s premier holiday destination and place to call home but many aspiring property buyers are discovering that there are “plenty more fish in the seas” surrounding the country.
Even though it offers beauty, a fabulous lifestyle, and efficient service delivery, its high property prices could be driving buyers straight into the markets of other coastal cities and towns. And, as they are discovering, the alternatives are not too shabby.
Cape Town’s attraction as a holiday destination and address has seen house prices outperforming the rest of the country for the past decade, and even now, while supposedly “correcting”, property here remains generally unaffordable. While, for some, this could even add to the allure of owning property in Cape Town, it appears that there might be a rebound effect in play.
Lending rates lowered by 25 basis points
South Africa - Absa
After assessing the international and domestic economic and financial market trends, current conditions and prospects, the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) lowered the key monetary policy interest rate – i.e. the repurchase, or repo rate – by 25 basis points from 6,75% to 6,50% per annum at the July MPC meeting, effective from 19 July 2019.
As a result of the cut in the repo rate (the rate at which commercial banks borrow funds from the Reserve Bank), Absa announced that its prime lending and variable mortgage interest rates will be lowered from 10,25% to 10,00% per annum, effective from 19 July 2019. The lower lending rates will bring some much-needed financial relief to many indebted and financially-strained consumers, while also supporting the residential property sector and mortgage market in terms of lower monthly mortgage loan repayments, as indicated in the relevant table on the next page.
Interest rate cut by 25bps