Regarding house prices dropping, I have been tracking a house in the Southern Suburbs of Cape Town originally listed at R4.5M, then dropped to R3.8M and now the agent is saying that the seller is very desperate due to having bought a second house and struggling to service two bonds ie possibly available at R2.5M?
22 May 2008
R4.5 Million To R2.5 Million
From the comments on our recent guest post The Real Cost Of Credit:
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All sellers are going to be struggling to get rid of their properties as the rates are going to go up, foreign investors are leaving the country, estate agents are going bankrupt and it is most probable that the 2010 World cup wont be in South Africa. The future of South Africa is looking like Zimbabwe at the moment and is deteriorating very fast.
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