Westown, a mixed-use development in KwaZulu-Natal, will launch its first phase in 2025. It aims to be a KwaZulu-Natal’s Midrand by being situated on the N3 between two major economic hubs – Pietermaritzburg and Durban. Currently under construction, the first phase, the Westown Square Mall and the Barn, will open on 27 March 2025.
European real estate market has experienced significant price adjustments already in this cycle creating compelling investment opportunities.
We also see some interesting geographic or sectoral opportunities where several sectors stand out for fundamentals.
In recent years, transforming and revitalising townships has increasingly become a priority, as the high demand for affordable housing is coupled with the critical role that townships play in bolstering South Africa’s economic growth.
Local consumer confidence, which has rebounded to a five-year high in Q3 2024 - the third consecutive quarter of improvement and the highest reading since mid-2019 - has received another significant boost with the Monetary Policy Committee’s announcement today (19 September 2024) of a 25bps cut in the repo rate, heralding the start of a downward interest rate cycle.
Samuel Seeff, the Seeff Property Group chairman commented on SARB interest rate cut, "We would have liked to have seen a 50bps cut, but we are happy to take 25bps, and hope this is the first of more rate cuts to follow." This is especially true given that the US Fed cut its rate by 50bps and plans two further rate cuts of 25bps each. This follows recent cuts by the Bank of England and two cuts by the European Central Bank.
Finally, after no change in the repo rate for seven consecutive meetings, the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC), announced today (19 September) a .25 basis point cut, taking the interest rate down to 8.00%, with the prime lending rate now set at 11.50%.
Rhys Dyer CEO of ooba Group welcomed the decision, adding that it is the first step towards market recovery and marks the start of a series of upcoming rate cuts. He unpacks several positive factors that bolstered South Africa’s economic outlook, namely the newly established GNU, the easing of inflation, the relief felt from 175-days free of loadshedding, as well as the half a percentage-point rate cut in the US yesterday.
Chris Tyson, CEO of national real estate agency Tyson Properties, has welcomed today’s South African Reserve Bank (SARB) decision to cut interest rates by 25 basis points to 8.00%.
He is optimistic that this signals the beginning of a rate cut cycle with another due by year-end. Still, he encourages property owners to continue to invest wisely going forward.
With gender-based violence continuing to threaten the safety and well-being of women across South Africa, Vukile Property Fund (JSE: VKE) has taken bold action this Women’s Month by partnering with Action Breaks Silence. Through a series of transformative empowerment workshops held at Vukile’s retail centres, the collaboration has reached over 600 women, providing them with the tools for self-defence, personal growth, and resilience.
Despite a post-pandemic rise in office space utilisation, the numbers tell a stark story; current office occupancy is hovering around 32%. This means that more than two-thirds of your expensive commercial real estate is sitting empty, raising questions about sustainability and robbing your office of the vibrant energy needed to foster collaboration, creativity, and culture.
You cannot copy content of this page