South Africa's price index for medium-sized apartments fell by 0.32% during the year to Q2 2016, its fourth quarter of annual price declines, the latest figures show.
Global Property Guide’s detailed analysis of South Africa’s housing market, based on the latest house price figures available, show that house prices are expected to continue falling during the remainder of 2016, amidst the continued weakness of the rand, falling foreign investor confidence, and uncertain economic conditions.
South Africa's economy shrank 1.2% in Q1 2016, following an increase of 0.4% in the last quarter of 2015. Last year, the economy grew by about 1.3%, its slowest growth since the country emerged from recession in 2009. The economy is expected to slow further, with real GDP growth estimated at 0.6% this year, amidst severe drought, rising inflation, and declining exports, according to the IMF.