Even with the challenges we face, South Africa is a country brimming with opportunity. With brilliant weather, gorgeous beaches, breathtaking natural landscapes, world-class cities, and plenty of natural resources and talent, the country has a lot going for it. Whether you prefer a house by the sea, a smallholding in the countryside, an apartment in the heart of the city, or anything in between, the time is ripe to buy property in South Africa. While we may face some uncertainties as a country, the property market in South Africa is currently very favourable to buyers.
We take a closer look at some of the reasons why now is such a good time to buy property in South Africa:
After many years of vigorous growth, property prices in South Africa are currently growing at a slower rate or even stagnating in certain instances. This slowdown in growth is not expected to last, but at the moment it is playing in the hands of buyers, ensuring that you can find a property at a favourable rate, and even opening the doors for earning a healthy profit if you do end up selling again down the line.
A Stable Investment in Times of Uncertainty
As mentioned, the political climate in South Africa and factors like load shedding is causing some uncertainty. It is even causing some buyers to hesitate before investing in property. The truth is, though, that “the very nature of property – and the driving forces behind it – make it one of the safest investments a person can undertake at times like these”, according to Schalk van der Merwe from Rawson Properties.
Lower Interest Rates
At the start of the year, the Reserve Bank announced an unexpected cut in the interest rate of 0,25%. This helps to make home loans slightly more affordable to buyers, as well as give households with credit some more breathing room as the lower interest repayments afford them more disposable income.
Easier to Obtain Home Loans
Not everybody has the money available for a deposit when buying property. Banks in South Africa have not only made home loans more accessible to clients in recent times but have also been approving more 100% bonds. In fact, the approval of 100% bonds has increased by 4% over the last year alone.
So, if you have been wondering when to buy property, start browsing the property listings on PropertyCentral right now. With great listings all across South Africa, we are bound to have the perfect deal for you. Get investing right now!