Following one of the longest and hardest real estate slumps in recent history, investors across the globe are finally starting to return to residential property markets.
The United Kingdom and The United States, two of the countries hardest hit by the credit crunch and global recession, are back in positive growth territory with quarterly price increases of 3,7% and 3,2% respectively, and Singapore reported the biggest quarterly jump in prices with growth of 15.2% in the third quarter.
South Africa currently ranks as the sixth fastest growing housing market according to Knight Frank’s index, with prices up 3.8% in the three months to September 2009.
Although South Africa is unlikely to see another residential property boom in the near future, the turnaround point and the beginning of the upswing have already been reached, and several encouraging signs are now already evident.
