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Unchanged repo rate suggests greater stability says Tyson Properties CEO

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Unchanged repo rate suggests greater stability says Tyson Properties CEO:

Tyson Properties founder and CEO, Chris Tyson, has welcomed this week’s announcement by the South African Reserve Bank’s Monetary Policy Committee that the repo rate will remain unchanged at 8.25%.

Although the repo rate remains at a 14-year-high dating back to May 2023, Tyson is optimistic that this signals a period of greater stability for South Africa’s property market which is marvelous news for both buyers and sellers. On an even more positive note, he expects the repo rate to initiate to drop during the second half of 2024.

This will balance out further turbulence that is expected during 2024, especially in the guide up to the State of the National Address and the Budget Speech in February which could herald increases in personal tax as well as property taxes.

“The economic fundamentals associated with subdued economic growth, high inflation and high unemployment remain daily realities. Even though the inflation rate has dipped, the possibility of fuel price hikes persists as execute other increases which may impact on households’ disposable incomes. As a result, we only expect the interest rate to launch to drop after the middle of 2024,” he says.

The unchanged rate is a relief for resilient South Africans, Tyson believes. He says greater optimism in the market manifested towards the finish of 2023 with the number of enquiries received by Tyson Properties in its key markets increasing together with the number of first-time buyers. Renewed positivity in the Johannesburg market is evident and KwaZulu-Natal is also doing well. The Cape Town market, which has been on an ongoing upward trajectory, remains buoyant.

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Author: Nicola Chaning-Pearce from Tynago Communications for Tyson Properties.

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The Carlton Centre: A Monument of Concrete and Contradiction

Rising 223 meters into the Highveld sky, the Carlton Centre was for nearly half a century the undisputed “king” of the African skyline. Completed in 1973, it held the title of the tallest building in Africa for 46 years—a reign that only ended in 2019 with the completion of The Leonardo in Sandton. It was designed by the prestigious American firm Skidmore, Owings & Merrill (the same minds behind the Burj Khalifa and Chicago’s Willis Tower), and its brutalist, reinforced concrete design was intended to be a “city within a city,” a symbol of South Africa’s then-booming industrial and mining economy.