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S&P downgrade: greater value in SA property for overseas buyers

Mike Greeff, CEO, Greeff Christie’s International Real Estate, shares his insight into the recent S&P downgrade on the SA property market.

Mike Greeff

“While the South African Reserve Bank has left repo rates unchanged, South Africa’s credit ratings drop will have some negative effects on the economy.

“Prospective buyers may find it difficult to obtain credit in the form of bonds or home loans, but prospective buyers should not be despondent though. Banks are still lending, provided that lending criteria can be met.

“While foreign businesses may be hesitant to see South Africa as an investment haven, a credit downgrade will see a weakening of the Rand. This, in turn, means that foreign buyers will get more value for money when investing in South African Property. The Western Cape, however, continues to buck the trend with property values unlikely to drop due to high demand and stock shortages.”

 

“Banks are still lending, provided that lending criteria can be met.” – Mike Greeff, CEO, Greeff Christie’s International Real Estate

www.greeff.co.za

 

AUCTION NEWS

Gone for R600-billion… in 19 minutes

Christie’s makes auction history for highest price for a work of art on auction

Leonardo da Vinci’s 500-year old mystical masterpiece, Salvator Mundi, claimed a place in auction history in November, selling for US$450,312,500 (R637.8 billion) – setting a new auction record for any work of art ever sold at auction – after 19 minutes of bidding. The sale price was more than four times its estimate.

Fewer than 20 paintings by Leonardo are known to exist and all (save for Salvator Mundi) are in museum collections. Dating from around 1500, the haunting oil on panel painting depicts a half-length figure of Christ as Savior of the World, dressed in flowing robes of lapis and crimson.

Mike Greeff, CEO of Greeff Christie’s International Real Estate, shared his thoughts on this historic achievement: “At Greeff Christie’s International Real Estate we are immensely proud and privileged to be exclusively affiliated to the Christie’s brand as it continues to be a known around the world for its excellence, luxury and record-breaking sales.”