Cometh the hour, cometh the man, was the comment from a delighted Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, on the changes in the Presidency.
“The property market has already come alive over the past couple of months in anticipation of today – unequivocally a Red Letter Day for South Africa. The massive leap in the performance of the rand on the international market shows that the world is as confident about this new era as we are within the country, and that the turnaround time has come.
“I’m extremely bullish about Cyril Ramaphosa’s ability to lead South Africa into a period of economic prosperity. He is a man of action, he understands business and in property market terms we’ll see equilibrium returning very soon. The fact that the upper end of the market has already started moving again this year shows investors are regaining their appetites for the long game, and the ‘wait and see’ period is coming to an end.
“With Ramaphosa in the Presidency I see the property market strengthening quickly in 2018. We’ll see far more activity, there will be more stock and buyers will invest with much greater confidence than they’ve felt in a long time. We’ll also start seeing a price recovery across the country, with steady and stable growth being the hallmark of the year.”