Scott Picken, CEO of International Property Solutions (IPS) believes a paradigm shift is occurring: 8 years ago, people would only invest in property in their own neighbourhood. Now, investors are starting to seek the best investments globally. IPS was created 5 years ago to facilitate international investments and provide an end-to-end solution to ensure that investors can invest with confidence!

Monday, April 19, 2010

South African House Prices Rise Further In March: Absa

The average nominal value of medium-sized houses in South Africa increased 4.2% on a yearly basis in March, after rising by a revised 2.8% in February, a report from Absa Group showed Monday. This brought the average nominal value in this category of housing to around ZAR 965,300 in March.

Further, the report showed that cost of small houses moved up 9.6% annually, slower than the 7.3% growth in the previous month, while cost of large houses increased at a faster pace of 5.3%, following a 4.8% rise in February.

According to Absa, the South African economy is forecast to grow by a real 3.3% in 2010 on the back of the global economic recovery and steadily growing domestic demand. CPI inflation, currently at 5.7% annually is expected to average 5.3% in 2010.

Absa forecasts the residential property market to gather further momentum with the improvement in household sector finances in the course of 2010. Growth in the nominal value of houses is forecast to be 6%-7% higher in 2010 compared with last year.

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