Thursday, 28/5/2020 | 0:35
  
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November Residential House Pricing

the end of October 2019 the national house price inflation index was at 2.9%. The recent slowdown in the Western Cape has seen it join the ranging markets and come second to the optimistic Limpopo province which has just broken out with an annual growth of 5.9%.

The Western Cape has been and still is the best destination for semigrants but the sentiments are slowly changing as indicated by the slowdown of its property market. This market is hugely dominated by the City of Cape Town municipality which, over and above, the price correction has been affected by rising crime stats, the recent water crisis, local government uncertainties and looming competition along the east coast.

Limpopo province on the other hand has seen an increased demand for high-end properties most of which have become second homes to the wealthy Gauteng residents. There is also a considerable amount of mining activity in the province driving up the demand to house workers, and several new developments are to meet this demand.