South Africa: beautiful country, worrying politics
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South Africa’s property market has slowed, with house prices declining modestly in 2011. South Africa’s house prices rose 2.3% in nominal terms, which translates into a decline of 2.6% in real terms, a disappointment following 2.7% house price rises in real terms in 2010.
Long gone are the amazing boom years from 2000 to 2006, when house prices rose by an average of 20% annually. Riding on the back of an empowered middle class, the house price rises peaked in Oct 2004 with 35.7% growth (32.5% in real terms). Then in Q1 2008 the boom ground to a halt, following the global financial crisis.
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