South African property growth 11th on global market list!

Apr 12th, 2013 by Annalien in Property market

Property market trends
Last year house markets grew world wide with 4.3%. South African properties grew at a rate of 7.4%. This is even better than the American growth of 7.3%.

Hong Kong is 1st on the list of 55 with 23.6% growth, followed by Dubai (19%) and Brasil 3rd at 13.7%.

Spare a thought for poor Greece and Spain where the property values decreased at a rate of 13.2% and 10% respectively.

During the housing boom from 2000 to 2006, South African house prices rose by an average of 20% annually. Then the National Credit Act put the brakes on, followed by seven straight interest rate hikes by 2008, and to top it all the global financial crisis was the last straw in the housing bubble world wide.

Interestingly enough our current prime interest rate of 8.5 is the lowest in more than 30 years. An all time high was in 1998 at 25.5% and an all time low was in 1962 at 5.5%.

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