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Don’t expect big house-price increases this year

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Property supply and demand may show sharp local fluctuations from time to time this year, but is expected to remain balanced overall.
This means that there is unlikely to be any significant increase in home prices, says Berry Everitt, chief executive of Chas Everitt International.
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“The decline in the number of South African home owners who are planning to emigrate is a positive for the market – and especially for the smaller towns and coastal areas that are seeing a surge of executive semigration as the remote-working trend gains ground, and a corresponding decline in housing inventory.
“And of course the rand is still at attractive levels for foreign buyers of South African property when compared to dollars, pounds or euros. This fact will help to bolster the luxury market once there are fewer travel restrictions between countries and continents.”
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He adds, however, that the number of distressed sellers is expected to increase this year and bring more inventory to the market, while landlords who have been struggling for months with non-paying tenants may offload some of their rental properties.

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