Only Realty Property Group’s managing director mentions some property trends moving into 2023 and outlines some tips for prospective home buyers in South Africa to increase the chances of finding the perfect property.
South Africa’s property market is starting off in a seller’s market, and property expert Grant Smee says that putting up a decent deposit and pricing in interest rate hikes is essential for prospective home buyers in 2023.
Nedbank chief economist Nicky Weimar noted that during last year, inflation gradually decreased to 7%. High inflation affects the value of a property and makes it more difficult to afford a home. However, with the right approach, it is still possible to make a successful property purchase during high inflation., Only Realty Property Group’s managing director Grant Smee said that the group has noticed many South Africans are either upgrading or downgrading to homes in the mid-tier market of between R1.5 to R2.5 million.
Smee also mentioned that, while there was a noticeable move out of city centres to more coastal areas during the Covid-19 pandemic and the emergence of hybrid work models, the majority of South Africans have returned to the office, and there has been an influx of those looking for property closer to work.
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