In 2023, South Africa remains a hub for large modern homes with luxurious features such as spacious gardens and swimming pools. However, on 30 March, the South African Reserve Bank raised interest rates by a surprising 50 basis points, making it the highest rate since the 2009 financial crisis as reported by Business Tech.
As a result, homeowners with a 20-year bond valued at R5 million will be paying an additional R1,702 per month.
Despite this, Samuel Seeff, chairman of Seeff Property Group, noted that the market had factored in the hike and that the property sector remains stable as the increase is still below the 20 to 30-year average.
Photo by Pixabay