Property Industry Thrives Despite COVID-19 Economic Distress

When the corona pandemic first hit our stores in South Africa, many businesses dived into financial distress.  

Experts within the property sphere even predicted that the industry would take a dip, but surprisingly, the new figures in the market show that the financials are looking up.

New statistics from the latest FNB House Price Index(HPI) reveal that in August, the house prices plummeted to 2.8%, since the 1,8% mark in July. Normally, a home is likely to stay on the market for roughly, 13 weeks and a few days, but recently, homes have stayed for only 10 weeks.

Interestingly, what has also prevailed is that, younger people form a large number of property buyers. This new trend, might destabilise the rental market.