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'Demand for property below R3 million is starting to recover'

8 July 2020 1:35 PM
Tags:
Interest rates
ENCA
Personal finance
investing
Property
residential property
Buy to let
property investment
Renting property
Buying property
Samuel Seeff
Prime Lending Rate
jane dutton
property demand
Seeff Property Group

For some properties – with interest rates at half-a-century lows – it’s becoming cheaper to buy than to rent.

Demand for residential property worth below R3 million is recovering, according to Samuel Seeff, Chairperson of the Seeff Property Group.


(Related article: Property guru Samuel Seeff bares his soul about money)


“The interest rate is, clearly, the big factor,” Seeff told eNCA’s Jane Dutton.

“I’ve been in the industry for 35 years and I’ve never experienced rates at this level before,” said Seeff.

South Africa’s typically conservative Reserve Bank slashed interest rates by 275 basis points so far in 2020 to 3.75% - a level last seen 50 years ago.

The prime lending rate of 7.25% is at a 47-year low.

For some properties, it may even be cheaper right now to buy than to rent.

“At 7.25%, relative to renting a property; you could actually own,” says Seeff.

“It’s really great to see!”

For more detail, watch Dutton’s interview with Seeff below.


8 July 2020 1:35 PM
Tags:
Interest rates
ENCA
Personal finance
investing
Property
residential property
Buy to let
property investment
Renting property
Buying property
Samuel Seeff
Prime Lending Rate
jane dutton
property demand
Seeff Property Group

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