South African property market buoyant

The state of the South African property market has been described as buoyant in the latest bulletin from the South African Reserve Bank (SARB).

Throughout the first five months of the year, conditions in the market remained fairly stable, despite the rate of increase in property prices slowing down, the Sunday Times of South Africa reports.

In January the year-on-year rate of increase was measured at 15.2 per cent and this was estimated to have slowed to 12.3 per cent in May.

Also in this period the rate of increase measured from month to month eased from 1.1 per cent to 0.5 per cent.

This slowdown in the rate of house price inflation was partly explained by the need to move away from the negative influence of the rises previously taking place.

Another development that was noted were tax savings of 35,600 rand (£2,600) that were seen on the acquisition of real estate, owing to an increase in the threshold for exemption from transfer duty.

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