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Sotheby’s International realty predictions for 2013

Lew Geffen, chairman of Sotheby’s International Realty in SA, says he expects a “much more buoyant” residential property market in 2013.

“The recession is over, not only economically but also psychologically, and consumers are now much more confident about moving on with their lives and advancing their homeownership plans.

“Housing demand is thus increasing at all levels, and although bank caution is slowing sales in the under-R1,5m category, this is much less of a problem in the higher price sectors, where buyers generally require finance for a smaller percentage of the purchase price.”

Lately, he says, Sotheby’s International Realty has experienced a sales surge in the R6m to R10m range, driven mainly by SA buyers taking the opportunity to upgrade to larger and more luxurious properties at the current favourable price levels – in the firm belief that these will not hold for more than another year.

With regard to overall price expectations for 2013, Geffen expects growth to be constrained at around the level of inflation until more stock is absorbed, but confident that they will start to climb strongly in 2014, “which will be the start of a new boom”.


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