South Africa prices 'reduced by buyer fall'

House prices in South Africa are being reduced by the falling number of buyers, it has been stated.

Speaking to the Times, Laurie Wener of Cape Town firm Pam Golding Properties said: "Our volumes have dropped by 40 per cent to 50 per cent," adding: "Sellers set the price and buyers set the value."

As a result, the paper notes, prices have been falling as demand has dropped, creating a situation where many properties have been discounted.

These have included top-end properties being trimmed from around £2 million to £1.3 million, while those buying in fashionable Atlantic seaboard suburbs such as Bantry, Clifton Bay and Camps Bay can acquire three-bedroom homes from £500,000.

South African property may benefit from the attention being focused on the country by the 2010 football World Cup.

Cape Town's venue will be the Green Point Stadium, which is close to the city centre, the Waterfront and Signal Hill.
 

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