Yael Geffen, the CEO of Lew Geffen Sotheby’s International Realty outlines what is in store for the property market this 2023.
The real estate industry has resiliently adapted, and there are several key shifts and trends to watch out for in 2023 after a tumultuous few years of economic challenges and major disruption, says Yael Geffen, the CEO of Lew Geffen Sotheby’s International Realty.
Possibly one of the most significant shifts in the property sector is the likeliness of more interest rate hikes. “And, with the goal being for inflation to be stabilised by Q4 in 2024 at 4.5%, we’re probably in for the long haul, which is a bit concerning for the market as higher interest rates mostly impact the sector that has been underpinning the market – property in the R1.m to R2.4m price band,” said the CEO.
Some of the biggest names in the business, such as Compass and Zillow are already utilising AI to help find buyers the perfect mortgage and the perfect home, added the CEO.Rising interest rates may push more first-time home buyers to the side. As a result, third-party bond companies like Ooba will use more people to source the best financing option.
For South Africans looking to establish their Plan B, the added incentive is that these countries also offer permanent residency.Growing substantial wealth through owning property will remain a trend for those who can. And, with the now-established work-from-home and safer living trends still being major driving forces in property-buying decisions, it’s unlikely that the steady migration towards lifestyle destinations will abate any time soon.
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