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South African residential property to remain weak

Posted on 11 January 2012

Demand for South African residential property slowed in 2011 and is not expected to improve in 2012, First National Bank said on Monday. “2011 saw slowing growth in residential demand, with economic growth slowing noticeably in the middle two quarters of the year,” FNB home loans strategist John Loos said in a statement.

The 2011 average house price was R802 988 - 3.1% higher than the average 2010 price of R779 041. However, when adjusting for consumer price inflation (CPI), the average house price declined by about 1.9%…………………………………….Full Article: Source


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