Businesses in this one South African metro are suffering more than in other areas

The improvement comes on the back of an economy slowly normalizing its activity as lockdowns have been gradually eased, said FNB property strategist, John Loos.

The latest quarterly reading pointed to a slow continuation of the declining trend, a sign that financial pressure is gradually alleviating as the economy slowly recovers from the deep lockdown-driven recession of 2020, said Loos.Factors driving owner-occupiers’ movement and sales “This percentage has been significantly lower since the start of hard lockdowns in the second quarter of 2020. It had admittedly already declined in prominence as economic and financial times toughened prior to Covid-19 lockdown, but then declined far more noticeably in the 2nd quarter of 2020, to an 8.2% low, as lockdown caused the recession to go far deeper.

This percentage rose for the first time in four quarters, to record 23.9% in the fourth quarter 2021 survey, up from the prior quarter’s 20%, the strategist said. The level remains low, however, when compared to the 36.3% recorded at the beginning of 2019.

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