South Africa: Middle-Sector House Prices Tumble 5 Percent

Johannesburg — HOUSE prices in the middle segment of the market fell 5% year on year in April, the biggest drop in prices in 11 years, according to the latest Absa house price index.

Absa Bank said yesterday that this was a further decline from the 3,4% drop recorded in March. Higher interest rates and inflation, combined with the National Credit Act, were the main drivers for the market weakening.

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