SA's property developers and buyers under pressure

Jacques van Embden, MD, Blok</span>South Africa has been downgraded to junk status by two ratings agencies, meaning that an even weaker rand, higher inflation, mounting petrol and food prices as well as interest rate hikes are on the cards. In addition, it has recently been announced that the economy has slipped into a recession, which may result in tax increases, job losses and failing businesses. These factors will put further pressure on the housing market, particularly property developers and buyers.