Tony Clarke, who is the Managing Director at Rawson Property Group said, “As South Africans reel from the news of a 2.2% GDP decline in the first quarter of 2018, property experts remain optimistic about forecasts for the remainder of the year. The property market, which has been experiencing some lethargy since early 2017, is not predicted to see any dramatic repercussions as a result of the recent economic bombshell. Property market demand isn’t driven purely by investors – it’s driven by people needing a roof over their heads. That need doesn’t disappear just because our economy hits a speed bump, and the resultantly reliable demand makes property, a much more resilient asset class during otherwise unstable or volatile economic times.
However, that is not to say the economy has no effect on the property at all”. (2)Dr Andrew Golding, chief executive of the Pam Golding Property group said, “While the economy may be subdued at present, home buyers continue to capitalise on buying opportunities in the residential marketplace. This is especially evident below the R2m and R1.5m mark – a price band with particular relevance to first-time buyers seeking starter homes which, if wisely selected, will appreciate in time, enabling them to move up a notch on the property ladder.”