SA real estate prices back to peak prices

A recently published report shows that property in South Africa has returned to the level last seen before the recession.

While property markets across the world crashed and burned to various degrees, South Africa real estate has been judged to be the best performing property market in the long term according to a global house price index.

A survey shows that during the last twelve years, property prices in South Africa have realised a cumulative rise of more than 415 per cent. The price index considered 20 other housing market across the globe. In second and third place were Australia at 180 per cent closely followed by the UK with 175 per cent.

A separate source revealed that the average price of residenial property in South Africa is now just over 1 per cent higher than the peak of 2008.

Regardless of this information, opinion across the South Africa real estate industry is that the government needs to do more to enable lower paid workers join the property ladder, by offering various tax cuts and incentives.