{"id":54732,"date":"2023-10-07T15:59:50","date_gmt":"2023-10-07T15:59:50","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province"},"modified":"2023-10-07T16:15:17","modified_gmt":"2023-10-07T16:15:17","slug":"property-problem-for-south-africas-powerhouse-province","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province","title":{"rendered":"Property problem for South Africa\u2019s powerhouse province"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Gauteng\u2019s property market is seeing incredibly weak property price inflation, with the picture especially bleak in Johannesburg.<\/p>\n

According to Lightstone\u2019s latest Residential Property Indices, national year-on-year house price inflation was at 3.93% by the end of August, dropping slightly from July.<\/p>\n

\u201cWe are seeing the Provinces of Gauteng, KwaZulu-Natal and Eastern Cape, and to a lesser degree, the Northern Cape being the provinces that have shown a slowdown in property inflation,\u201d Lightstone\u2019s Hayley Ivins-Downes said.<\/p>\n

Annual property for properties in the Low-Value segment was 5.7%, slightly higher than the 5.6% for properties in the Mid-Value segment and far higher than for properties in the High-Value and Luxury segments at 3% and 3.5%, respectively.Looking at the data, Gauteng\u2019s property price inflation was the lowest of all provinces at 1.18%, despite being the economic hub of the country.
\n
\nThis is far lower than Limpop\u2019s 7.47% and the Western Cape\u2019s 6.45%, with the closest province being KwaZulu-Natal at 2.86%.<\/p>\n

\u201cThere are many reasons around this, essentially driven through many economic factors,\u201d Ivins-Downes said.<\/p>\n

\u201cGauteng has always been the employment province of the country, and so when we are experiencing widespread unemployment, service delivery issues and high consumer inflation in the country, Gauteng will feel this the most, and as a result, the property inflation is impacted, and we are seeing the slowdown in areas of what sellers are attaining for their properties.\u201d
\n
\nThe picture is far worse for South Africa\u2019s financial hub, Johannesburg, with inflation now in negative territory, meaning that house prices are actually declining.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Gauteng\u2019s property market is seeing incredibly weak property price inflation, with the picture especially bleak in Johannesburg. According to Lightstone\u2019s latest Residential Property Indices, national year-on-year house price inflation was at 3.93% by the end of August, dropping slightly from July. \u201cWe are seeing the Provinces of Gauteng, KwaZulu-Natal and Eastern Cape, […]<\/p>\n","protected":false},"author":84,"featured_media":54731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-54732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nProperty problem for South Africa\u2019s powerhouse province - South Africa<\/title>\n<meta name=\"description\" content=\"Gauteng\u2019s property market is seeing incredibly weak property price inflation, with the picture especially bleak in Johan ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property problem for South Africa\u2019s powerhouse province\" \/>\n<meta property=\"og:description\" content=\"Gauteng\u2019s property market is seeing incredibly weak property price inflation, with the picture especially bleak in Johan ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-07T15:59:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-07T16:15:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696682661.496254.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"684\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Property problem for South Africa\u2019s powerhouse province\",\"datePublished\":\"2023-10-07T15:59:50+00:00\",\"dateModified\":\"2023-10-07T16:15:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\"},\"wordCount\":272,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696682661.496254.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/property-problem-for-south-africas-powerhouse-province\",\"name\":\"Property problem for South Africa\u2019s powerhouse province - 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