The chairman of the real estate company estimated that actual property transfers have decreased by 10% since the Reserve Bank began consistently increasing the repo rate from November 2021.
JOHANNESBURG - Chairman of the Seeff Property Group, Samuel Seeff, said higher interest rates seen since November 2021 have driven property sales down.The repo rate rose from 3.5% at the end of 2021 to 7.25% currently.
The prime lending rate - the interest rate consumers pay back to commercial banks for loans currently sits at 10.75%.Seeff said there has been an impact on the property market because of these factors. "What we've seen is that the activity has decreased a little bit. Internet enquiries and people looking for properties has come off a little bit. We see generally that there has probably been a 10% reduction in the actual properties transferred over the last period.""I think we do have to expect that there will be a lull given the interest rate increases but a reasonably priced property should still find a buyer.
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