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A word from the Principal

Category Message from the Director of REP

2018 has been one of the toughest years in the property Industry ever in my opinion in the Western Cape.  With the drought, crime rates increasing, the rand dropping and threats of junk status and the exit of Zuma the property market was thrown into turmoil.  Rental prices dropped by 30% in some areas and property prices have been decreasing on some properties dramatically in order to sell.  I feel the market has turned since the beginning of November and slowly but surely the confidence in the market has improved.  We are still finding it very frustrating as Sellers have not adjusted their prices to accommodate a drop in the market and Buyers think they can put in offers way below Market value.  Recently some nice sales have gone through for us and our rental portfolio has gone from strength to strength.  Thank you to our loyal property owners for your support during 2018 and may 2019 be a brilliant year in property.

Author: Rose Eedes

Submitted 28 Nov 18 / Views 100