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Monday Sep 10, 2018

Cloud over SA property market

It looks to be a tough road ahead for the country's property market, especially since South Africa has officially slipped into a technical recession.

On top of stagnant economic growth, increasing job losses and growing financial pressure for consumers, this economic state will now see buyers become even more cautious than they already are, says Herschel Jawitz, chief executive of Jawitz Properties.

"The expectation is that the lower end of the market will be hardest hit."

Even if the recession had been avoided, Jawitz says it was unlikely the residential property market would have seen "any meaningful improvement" this year.

Echoing this, Tyson Properties managing director Chris Tyson says he does not foresee "much of a shift" in the market in the next 18 months.

Read more on Property360...

Bonnie Fourie

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