Despite high interest rates, property demand for wealthy South Africans remains relatively stable.
Despite major interest rate hikes and a difficult economic environment, property demand for high-earners in South Africa remains relatively stable.
Overall, the year-to-date internal mortgage applications, an indicator of market demand, dropped by 13.1% compared to the same period last year. In the “lower” income level, for those who earn less than R450,000 per annum, property demand dropped by 23.4% year-to-date. However, the demand for those earning R750,000 or more per annum was only 1% less than the previous year.For lower to middle-income earners, interest rates have a large and fast impact on mortgage demand, unlike the smaller and delayed response across upper-income segments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africans brace for increased car and bond instalments after interest rate hikeSouth African Federation of Trade Unions general secretary Zwelinzima Vavi says the increase will be devastating to small businesses and working people already struggling to pay loan instalments.
Read more »
South Africans brace for increased car and bond instalments after interest rate hikeSouth African Federation of Trade Unions general secretary Zwelinzima Vavi says the increase will be devastating to small businesses and working people already struggling to pay loan instalments.
Read more »
Life without power: How South Africans are copingCitizens are finding ways to survive during extended blackouts but this comes at a cost
Read more »
JUSTICE MALALA: South Africans, you’re on your ownEvery week now, our government forces us to ask an uncomfortable question: who is driving this thing? The shattering answer is that no-one seems to be in charge, writes justicemalala.
Read more »