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Property market to remain skittish in 2019
They tell us that the worst is over, but I am not convinced that is the case, says Chris Renecle, MD of Renprop when talking about the Gauteng property market outlook for 2019. The market is currently skittish with many adopting a wait and see attitude and this is likely to continue for a number of months, he says.
Renecle notes that Renprop started 2018 with much optimism after experiencing the busiest January in a number of years, but says that after the speech about land appropriation without compensation, the market slowed down and there was a notable drop in enquiries across the board.
In order for the South African property market to show any kind of improvement and growth in 2019, it requires policy certainty, especially around the land appropriation issue, as well as investment and an economic boost. Therefore there is not expectation of a major recovery in any market sector in the year ahead. Therefore over the next 12 months, the South African property market is expected to perform much has it has during 2018.
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'Correcting the original sin of land dispossession': Ramaphosa hands over land to KZN community President Cyril Ramaphosa handed over more than 4000 hectares of land...
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