The property market bursting with opportunities

As COVID-19 hit South Africa, an already struggling economy was met with even more uncertainty. This meant that many people were losing income and their investments were plummeting in value.

To combat the decline of the economy, the Reserve Bank has had to cut the repo rate on a few occasions this year. This means that commercial banks can borrow money from the Reserve bank at a lower interest rate and can grant property bonds at a very low interest rate as well.

For those who already own property, this is great news as it means that they'll be paying less on their monthly repayments. But it can be great news for those looking to purchase new property as well as the banks are also more willing to grant new property bonds.

Not only are bonds granted at a lower interest rate, but because of the surplus supply of property in the wake of last year's recession and the devastation of COVID-19, residential property values are also a somewhat lower.

If you're in the fortunate position to be unaffected by the struggling economy, the time has never been better to get into the property market. Whether you're looking for the perfect place that fits your budget or prime property on the beach, there are opportunities aplenty.

At only 3% commission (plus VAT) and expert legal advice, 3%.Com Properties makes it easy for you to make the most of the property market right now. We also help you through the property transfer process so that all you'll need to do is enjoy your new home.

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This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)