Absa House Price Index: October 2008
06 November 2008 | Investments | General | Jacques du Toit, Absa
Nominal house price growth slowed down to a level of 1,2% year-on-year (y/y) in October (1,5% y/y in September), largely driven byeconomic conditions, having an adverse impact on consumers and the property market. In real terms, house prices dropped by 10,1% y/y in September this year to levels last seen in early 2006. In view of current and expected economic conditions, the outlook for the housing market towards the end of 2008 and into 2009 is bleak.
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