Effects of Elections on Real Estate Industry
President of South Africa, African National Congress (ANC) President, Cyril Ramaphosa. (Photo credit: GULSHAN KHAN/AFP/Getty Images)

Effects of Elections on Real Estate Industry

What it means, now that all the votes have been counted

“Now that the General Elections have smoothly run their course and most of the speculations have abated, we expect an upswing of positive market sentiment,” says Mike Greeff, CEO of Greeff Christies International Real Estate.

This increased positivity on the national and international fronts will definitely result in more qualified buyers returning to the market, he says. 

“These buyers have been waiting for a good period of market stability before they commit to buying. We expect activity to increase across all our branches with more buyers showing concrete interest in property. This can actually be a very prudent move as they could also take advantage of well-priced stock that is currently available,” says Greeff.

Advice to sellers would be to make sure their properties are correctly priced as overpricing paired with substantial stock availability, could lead to their properties receiving little or no interest from potential buyers. South Africa and the Western Cape in particular has had a very stable economy by world standards and the general public are optimistic about the country and the future as a whole.

“We envision an increase in positive sentiment for the next five years as we believe that President Ramaphosa will enforce the necessary changes in government and stick to his policy of complete accountability from public servants.

“We expect the upcoming five years to be devoted wholly to promoting stability and increasing investment in the country.”

“It was pleasing to see top companies across the country in support of the President and I am especially glad to see markets responding well by being stable and strengthening. The real estate market is no exception and I foresee steady growth in the upcoming year,” says Greeff.

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