"We haven't seen this since late 1970s," he says.
Sunter points out that one of his friends who wants to retire in the UK is trying to sell his home for four-million pounds, but the best offer he has received is just 1.6-million — 40 percent of the asking price.
"It has even spread to South Africa — you can't sell a house here," said Sunter.
"Things are getting very tough," he said.
"We had minor recessions in 1998 and 2001 — but nothing like we are seeing now," he said.
08 September 2008
Clem Sunter: Things Are Going To Get Very Bad
Sub-prime at SA's door
Subscribe to:
Post Comments (Atom)
3 comments:
It is going to be very tough to sell a home in South Africa and people will have to drop their price by at least 40%. However you still have estate agents trying to fool us, telling us the market is picking up!
Estate agents are liars and, in the current scenario, they are dangerous liars prepared to do anything. They have always been the whores of society and now they have their backs to the wall.
I stopped being an estate agent because of the bullshit in the industry. Overvaluations were the norm.
When properties were being overpriced by 50% by the agents I knew it was time to get out.
Post a Comment