Rising inflation causing unsteady housing market


Picture: Jan Gottweiss / Unsplash

Annual rentals are rising by 3%, which is not anywhere near South Africa’s inflation rate.

Property economist, Professor Francois Viruly says that people hoping to enter the market, either as renters or owners, must first consider if they can financially weather the storm of rising inflation, and other economic factors.

Viruly says that it’s a difficult time for renters, especially due to the impact of the Covid-19 pandemic.

This as the market had been strong from 2019 but began to weaken as the pandemic endured.

The no eviction policy also imposed during that time meant that landlords suffered due to reduced incomes.

This was compounded by people being unable to pay their rent due to job losses.

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