| After taking a steep dip in 2009, house prices in Cape | | | | statistics - an average house in Capetown cost R1.11 |
| Town are slowly on the increase, statistics from Absa | | | | million, indicating an increase of 1.4% on the last quarter |
| Home Loans show. | | | | of 2008. This is showing that the housing market is |
| While house prices declined in all provinces, | | | | slowly getting out of the doldrums, with banks' |
| metropolitan areas and coastal regions in real terms in | | | | forecasting growth for 2010 of between 6% and 8%. |
| 2009, the Western Cape experienced one of the | | | | In the middle segment, or houses between 80 and 400 |
| sharpest declines with a 7.6% decrease in real terms | | | | square metres, the average CapeTown house cost |
| during the year, according to Absa's latest statistics. | | | | nearly R1.7 million by the end of 2009, and |
| In Capetown, house prices were down 0.7% in nominal | | | | improvement of 6.1% compared to the end of 2008. |
| terms, and 7.3% in real terms. Of all metropolitan areas | | | | Investors are also returning to the Cape Town |
| in the country, only the greater Johannesburg area | | | | property market to buy prime property at good prices |
| performed better than the Cape Town property | | | | before the market takes off again. In addition, |
| market with nominal house price growth of 2.8% last | | | | increased lending from banks and relatively low interest |
| year. | | | | rates are also expected to boost the market this year. |
| In the last quarter of 2009 - the latest available | | | | |