South Africa's property market very weak

SHOOT: And higher food and fuel prices won't help.

clipped from www.fin24.com Johannesburg - Shocking declines in the number of property units completed in January 2010 reflect how South Africa's housing industry has been stopped short. Provinces under the cosh include the Free State, where January saw only three townhouses being completed, compared with 214 in January 2009. In Limpopo last year 769 houses of under 80m² were completed and in January this year four. Countrywide, the number of units completed in the three residential segments declined 52.6% to 2 255 units. At the same time 1 097 houses greater than 80m² were completed, 34.5% less than last January's figure. Houses under 80m² were 32.2% down - to 749 units. Things look no better on the planning side and building plans approved for the three segments were 55.1% down to 2 483 units. The house then still has to be built and there are always additional expenses, Du Toit points out. At this stage it is therefore a better bet to buy an existing unit.