SA real estate markets tested by credit restrictions

Now is a great time to buy property in South Africa according to the country’s real estate agents.

South Africa real estate prices are said to be the lowest for many years and with highly favourable interest rates on offer from most lenders prospective home buyers are in a great position to start looking for their dream home among the many good quality properties currently on the market at real bargain prices.

According to industry experts South Africa is undergoing a property market correction and market forces are expected to transform the industry to a much more sustainable environment for future growth.

Many agents report high numbers of first time buyers eager to take that first step on the property ladder and existing property owners ready to upgrade family homes the only stumbling block is the lenders reluctance to increase mortgage approvals. Once credit restrictions become less tight real estate sales are expected to greatly increase.