Katlego Sekhu

In 2021, interest rates saw a significant decline, prompting many South Africans to seize the opportunity and invest in property.
However, more recently, experts in the property market have drawn attention to a decrease in the rate of sales. Real estate companies are urging sellers to be realistic about their asking prices, as the market is currently experiencing a shortage of buyers and a slower pace of sales.
Gugulethu Mfuphi highlighted that this “slow pace” comes on the back of the increase in interest rates.
“Due to slower sales, more properties are staying on the market for three months longer. Banks have also tightened their belts in terms of lending, especially when it comes to mortgage-based financing. They are offering about 80 percent of the morgage value to potential owners,” explained Gugulethu Mfuphi.
During the discussion, the Kaya Biz host also touched on the rising cost of onions, which has reportedly surged by over 60 percent in recent times.
Read Next: DA: “Gauteng residents live in fear due to high crime rate”



