JOHANNESBURG - Players in the property sector are concerned about a potential second interest rate hike this year.
The chair of Seeff Property Group has made an urgent call for the Reserve Bank not to raise interest rates on Thursday.
Samuel Seeff says the inflation spike is temporary, but higher interest rates have had a more lasting impact on the economy and property market.
READ | Reserve Bank to decide on interest rate this week
Despite some improvement in market activity, he says that overall property transaction volumes remain about 18 percent below expected levels.
Meanwhile, FNB Property Finance says the Middle East conflict and higher interest rates have temporarily stalled a rebound in South Africa’s property market.