Silver lining for South Africa’s property market

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Due to the high-interest rate environment, South African banks are offering competitive pricing on home loans

Despite the high-interest environment facing South African property owners, there is a positive in the market.

According to ooba Home Loan’s Q1 2023 oobarometer, acquiring a lending rate that is below prime is a crucial cost-saving tool when faced with a high-interest environment.South Africa’s banks are competing for home loan market share and are offering competitive pricing. “This marks a 0.6% increase from Q1 2022 and evidences the continued confidence by home loan lenders in the property market,” Rhys Dyer, CEO of ooba, said.

“While a higher interest rate environment is not without its challenges, the sustained slow growth in property prices coupled with rate discounts on home loans and availability of financing means that there are still plenty of good investment opportunities to be found in South Africa’s residential property market.”Despite Dyer’s positive outlook, other industry players have expressed concerns over the continued interest rate hikes.

Source: News Formal (newsformal.com)

 

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