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Tuesday Nov 09, 2010

Growth slows in farming property

The farm property sector did not do as well in the second half of the year compared to the first half, FNB said Monday.

"The FNB National Farm Valuations Index suggests that the farm property sector's performance has just started to go off the boil a little in the second half of 2010, after something of a mini-recovery in the first half of the year," said John Loos, strategist FNB home loans, in a statement.

In the second half of 2008, year-on-year growth in the sector peaked with growth of 47.5 percent in the half-yearly average national farm valuation.

This dropped to growth of -4.4 percent year-on-year in the second half of 2009.

"2010 has looked similar to the residential 'mini-recovery', having recovered to 15.2 percent positive growth in the first half of the year before slowing to 8.5 percent year-on-year in the second half of 2010 to date," Loos said.

The average value of farm land declined from R23,080/hectare in the first half of the year to R21,169/hectare in the second half to date.


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