Latest Posts

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…

Read More..

Luxury vs ultra-luxury – What’s the difference?

BESPOKE LIFESTYLE: There are a number of key factors that distinguish ultra-luxury homes form the rest, not least that they’re…

Read More..

Creating sustainable growth and reducing poverty through structural transformation

Urban development domains ACRC’s analytical framework uses the concept of urban development domains to transcend both sectoral and traditional systems-based…

Read More..

A root cause of flooding in Accra: developers clogging up the city’s wetlands

Christopher Gordon, University of Ghana Ghana has six designated Ramsar sites. These are wetlands designated under the criteria of the…

Read More..

Nigerian property crime could be reduced if neighbourhoods were better designed

Adewumi Badiora, Olabisi Onabanjo University Nigeria has a very high crime rate. The Global Peace Index ranked it the world’s…

Read More..

Inner cities are growth engines attracting young homebuyers

Inner city living is boosting the city residential property market and driving urban rejuvenation Inner cities. Love them or hate…

Read More..

Kenya’s push for affordable housing is creating opportunities despite barriers

Raphael M. Kieti, University of Nairobi; Robert W. Rukwaro, University of Nairobi, and Washington H.A. Olima, University of Nairobi In…

Read More..

Heron IVC: Walking the green talk

Waterfall is closing the loop on waste Waterfall prioritises sustainability and responsible environmental stewardship as a strategic imperative, keeping the…

Read More..

21st Aug 2022

Architect Africa Online

Africa's Leading Architecture Aggregator

Reaction on repo rate increase from Joff van Reenen

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.

Syndicated content from Everything Property


If you find this website useful please spread the word.

Follow by Email