ITS MY HOUSE – SA’s house price inflation is likely to reach 3.7% in 2023
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GUEST - Esteani Marx - Head of Real Estate at Lightstone Property
With no end in sight for SA’s electricity woes and increasing water outages, the South African Reserve Bank (SARB) recently increased interest rates by 25 basis points and adjusted its GDP growth forecast to just 0.3% for 2023, down from its previous estimate in November of 0.6%. The bank expects growth for 2022 to come in at 2.5%. The Consumer Price Index (CPI) and core inflation have significantly diverged over the past 18 months, with CPI ending 2022 at 7.2% and core inflation – which excludes the impact of the volatile fuel price driven by Russia’s war with Ukraine – ending at 4.9%
With no end in sight for SA’s electricity woes and increasing water outages, the South African Reserve Bank (SARB) recently increased interest rates by 25 basis points and adjusted its GDP growth forecast to just 0.3% for 2023, down from its previous estimate in November of 0.6%. The bank expects growth for 2022 to come in at 2.5%. The Consumer Price Index (CPI) and core inflation have significantly diverged over the past 18 months, with CPI ending 2022 at 7.2% and core inflation – which excludes the impact of the volatile fuel price driven by Russia’s war with Ukraine – ending at 4.9%
