Both foreigner buying of domestic residential property as well as South African expat buying of local property are perceived to have moved gradually weaker, the former since late-2016 and the latter since back in 2015.

We believe this weakening to be reflective of a dampened investor sentiment towards South Africa in general, which in turn is the result of the country’s multi-year economic stagnation, uncertainty regarding future economic policy, and widely publicized negative news such as the recent sovereign rating downgrades to “junk status”, with further rating downgrades mooted as a possibility.

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