The slowdown in house price growth in South Africa continued in January 2012, as on a monthly basis the nominal price growth remained in negative territory, according to recent data from ABSA.
The average nominal price levels of houses in the various categories of the middle segment of the market were R664,400 for small homes (80m²-141m²), R995,000 for medium-sized homes (141m²-220 m²) and R1,559,800 for Large homes (221m²-400m²) in January 2012.
The ABSA report stated: “Having expanded by an estimated real 3% in 2011, the South African economy is forecast to grow by 2.8% in 2012. The lower growth expected this year will largely be the result of a slower pace of expansion projected for the world economy, which will impact South Africa’s export performance. A weaker rand exchange rate compared with last year will, however, provide some support to the country’s export earnings.”
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