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South Africa sees surge in house prices

Article Date : Monday, June 04, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Median house price growth inflation in South Africa now stands at 10.9 per cent after an upsurge of buyers in May, it has been revealed.

The average middle-range house price rose from around GBP40,000 in April to around GBP42,000 in May, according to Business Day.

The median growth rose from 7.4 per cent in April, with real estate agencies suggesting that the market's potential had been underrated.

"I've been saying for a while that I believe most commentators have underestimated the growth and the steam in the underlying residential market," commented Seeff Properties chairman Samuel Seeff, speaking to Business Day.

"A firm property market that is seeing the benefits of a flat interest rate environment in 2007 so far" was the cause of the rise, added Jawitz Properties chief executive Herschel Jawitz.

Meanwhile the ABSA group has reported that the value of an average luxury property in South Africa has more than doubled since 2000, up from GBP130,400 to GBP277,700.
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