South Africa Property Down but Not Out
13 July 2011
Who woulda thunk it? After becoming known as one of the hottest overseas property markets in the world, South Africa fell hard and fast in the wake of the financial crisis. In fact in 2010, South Africa property prices fell to 3% below 2004 levels.
However, unlike most of the other markets that suffered in 2010, South Africa is now recovering strongly. Prices are up 8.5% compared to last year, up 10.5% compared to the 2009 bottom, taking it to 8% above 2004 levels and climbing.
The figures come from Bill Rawson of Rawson Properties who recently returned from a trip to the USA.
After explaining his thoughts on the situation in many of the world's hardest hit markets, Rawson concluded:
"However, South Africa did not drop back as far as many others did and is showing signs of recovery, because even in the hardest hit districts here prices are now stabilising."