The property industry, and more specifically, the residential property industry, is heavily sentiment inspired. Political sentiment in turn plays a huge part in economic sentiment.
The volatility in the industry caused by ‘Ramaphoria’, various commissions of enquiry with evidence of in-fighting and state capture, the land debate and the ratings agencies’ downgrade of the country, is therefore understandable.
However, as we so often observe with South Africans themselves, the property industry has shown itself to be remarkably resilient, with the current outlook being stronger than anticipated.
As with many other sectors, the property industry has also had to adapt to new influences in order to succeed. In line with our observations over recent years, we have seen more evidence of disruption creeping into the property market. This disruption is predominantly fueled by technology, which is creating possibilities for the various disciplines and stakeholders in the industry to compete with each other as well as collaborate more effectively and efficiently.
I cannot but see this intensifying with consequential rationalisation. “Those who know, don’t predict and those who predict, don’t know”, as an unknown wise man once said.
As we look forward to 2019, which brings with it the next election, the focus inevitably shifts away from significant development or reforms in favour of a spotlight on the election itself. It is likely, therefore, that there will be few shifts of any great significance until the election and the appointment of new teams have been finalised. The economy and the property industry will likely then also mirror this, leading to low growth in the first half of the coming year.
Through this all, Snymans will continue to strengthen our proud record of building and nurturing trust through service excellence.
We wish all our clients, staff and family a safe and rejuvenating rest period as we see 2018 off. May you return blessed, rested and filled with enthusiasm and optimism for what the new year holds.
Follow Snymans on Facebook for more legal information, tips and news about property.