Across the country, house prices have been declining and the luxury property market has not been immune.
Recent FNB statistics show, for example, that the rate of home price growth on the Atlantic Seaboard, which is SA’s most expensive area, has fallen from a high of 25,5% in the first quarter of 2016 to -5,1% in the first quarter of this year.
Many sellers in Johannesburg’s top suburbs and luxury lifestyle estates all around the country have reduced their asking prices in recent months. In Hyde Park, for example, brand new cluster homes that were for sale at R28m are now priced at R20m, while a home that was originally listed for R19m is now available for R15m.
It was also reported that a mere 2% of sellers are selling their homes for the initial asking price.
Carte Blanche investigates
Carte Blanche aired an investigation surrounding the property market on their latest show that looked not only at the luxury property market but also at what might be a light at the end of this seemingly dark tunnel.
Watch the episode below and share your thoughts with us
Read more about property investment buying trends in Mauritius for South Africans
