KBA further said the cap on bank interest rates has made it difficult for both property developers and buyers and now wants the legislation reversed. Property firm Hass Consult, which last week published its quarterly housing index, similarly indicated stagnant growth with declining values in some sub-sectors. “Apartments were the best performing asset class in the property market registering a 0.4 per cent growth in the quarter,” said Hass Consult Head of Development Sakina Hassanali. “Detached and semi-detached house prices recorded falls of 0.2 and 0.4 per cent respectively attributable to a wait-and-see approach from buyers as the elections approach,” she said. A report by investment firm Cytonn released last week also said a glut in commercial space is hurting occupancy rates, with landlords forced to reduce their asking prices by as much as 5.8 per cent.

Source: Standard Digital May 05, 2017 06:22 UTC