Currently at 7%, the prime rate is at its lowest level in decades, driving more South African tenants to consider property ownership. PayProp head of data and analytics Johette Smuts cautions, however, that while real estate is a much desired asset, it is important to remember that home ownership is a long-term commitment, often going hand-in-hand with a 20-year mortgage bond that needs to be repaid, while one can safely assume that interest rates will not remain at the current low levels.
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