South African house prices up 2.3% y/y

By bne IntelliNews June 1, 2010
South African house prices are up 2.3% y/y in May according to aStandard Bank survey. The median house price rose to ZAR 579,000 (USD 74,500)after climbing an annual 2% in April. Prices will be improving both on the backof the recovery of the global economy as well as reduced lending rates. Highhousehold indebtedness, unemployment and subdued economic growth are seen aslimiting factors to the recovery of house prices this year.

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