Good Time To Invest In South Africa

Stagnation in the price of South Africa property makes it a good time to invest in property for the long term, according to senior property analyst for Absa Jacques du Toit.

The average house now costs 964,000 South African rands (72,175 GBP) with prices expected to remain level for 2008, depending on possible interest rate increases, www.AllAfrica.com reports. "It's possible that we could see another rise at the end of January, but we are of the opinion that we have seen enough interest rate increases in the past year," explained Mr Du Toit.

Asba is one of the largest South African financial services organisations, working with businesses and private consumers. The latest Asba reports showed that house prices did not increase between October and November 2007, with Mr Du Toit predicting that declining household income would also impact on prices.

However, Neville Schaefer of Trafalger property managers suggested more caution, suggesting that waiting to check upcoming interest rate reports before investing.

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