Harcourts South Africa welcomes the announcement by the South African Reserve Bank that interest rates will be cut by 25 basis points. This is the first easing in policy in over a year and in a time when many South Africans are feeling the pressure this comes as welcomed relief. Especially considering that many economists are predicting another cut later in the year.
It is absolutely necessary that our consumers are able to alleviate some pressure and that sentiments are boosted to in turn help the sluggish economy. Activity in the real estate market has been on the decline in some segments and we're hoping this relief will reignite investment activity.
Although it is only a quarter of a percent, any financial breaks in the current economic climate is a step in the right direction.
The people have been carrying the burden of an ailing economy and ever-rising costs for quite some time now and in order for us to turn this economy around and institute sustainable growth economic participation has to increase.
Harcourts Africa Chief Executive Officer