Joburg and Cape Town Property Drop While Durban Rises

Johannesburg and Cape Town house prices drop in the second quarter of 2017, while Durban gave a perfect performance, being the best of the major cities of South Africa.

According to the Global Residential Cities Index published by Knight Frank, the global real estate consultants, this is the recent statistics. He is known for occasionally publishing the index, which looks at development of average prices of properties into 150 cities around the world.

Johannesburg house prices depreciated by 5.1% during the period, while Cape Town’s house prices declined by 2.1%. Durban, showed flames when its house prices increased by 3.9% during the period.

However, Durban’s prices did not fare as well as those in Toronto, Canada, where prices ended the year to June 29% higher than before. “Toronto leads the rankings this quarter with prices ending the year to June 29% higher,” said Kate Everett-Allen, head of International residential research at Knight Frank.

“This marks the index’s first decline since the start of 2016. The number of cities registering annual price growth above 20% has fallen from 12 to 9 in the last three months, with Chinese cities less dominant at the top of the rankings,” she added.

Africa stands out as the only world region to see average urban house prices decline year-to-year.

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