New cannabis bill could see construction taking the high road
The proposed amendments to the Cannabis for Private Purposes bill that seeks to further decriminalise cannabis usage and legalise South…
The proposed amendments to the Cannabis for Private Purposes bill that seeks to further decriminalise cannabis usage and legalise South…
Christopher Gordon, University of Ghana Ghana has six designated Ramsar sites. These are wetlands designated under the criteria of the…
Adewumi Badiora, Olabisi Onabanjo University Nigeria has a very high crime rate. The Global Peace Index ranked it the world’s…
Inner city living is boosting the city residential property market and driving urban rejuvenation Inner cities. Love them or hate…
Raphael M. Kieti, University of Nairobi; Robert W. Rukwaro, University of Nairobi, and Washington H.A. Olima, University of Nairobi In…
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Joff van Reenen, Founding Partner and Lead Auctioneer of specialist real estate auction company High Street Auctions, says as much as the repo rate increase of 50 basis points was not unexpected, it’s certainly not welcome.
“It’s a lot for consumers to absorb on top of a 30% year-on-year increase in fuel prices, food prices going through the roof and electricity costs going up as power outages continue to batter production.
“Average South Africans aren’t seeing wage increases to keep pace with these rising prices, so people are going to accumulate more debt. It’s a vicious cycle.”
Van Reenen says there is a very real danger that the series of recent rates hikes – while coming off a very low base – will slow impetus across the property sector.
“Real estate is one of South Africa’s most robust industries right now, stimulating the economy and generating billions for the fiscus.
“As much as the Reserve Bank needs to protect the currency, it also needs to look after industries that drive the economy and look after its citizens, who have rights. Food and shelter are among them, and it’s not the government’s place to deprive people of those rights with crushing economic pressure.”
The post Reaction on repo rate increase from Joff van Reenen appeared first on Everything Property.
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On Topic ...
New cannabis bill could see construction taking the high road
Nigerian property crime could be reduced if neighbourhoods were better designed
Inner cities are growth engines attracting young homebuyers