Despite high interest rates, property demand for wealthy South Africans remains relatively stable.
Despite major interest rate hikes and a difficult economic environment, property demand for high-earners in South Africa remains relatively stable.
Overall, the year-to-date internal mortgage applications, an indicator of market demand, dropped by 13.1% compared to the same period last year. In the “lower” income level, for those who earn less than R450,000 per annum, property demand dropped by 23.4% year-to-date. However, the demand for those earning R750,000 or more per annum was only 1% less than the previous year.For lower to middle-income earners, interest rates have a large and fast impact on mortgage demand, unlike the smaller and delayed response across upper-income segments.
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