Bad news first.
The
FNB House price Index showed the average house price for 2009 declining by
-3.9% for the year as a whole, when compared to the average price for 2008.
The good news?
Late in the year the
index was firmly on an improving trend, with December 2009 showing further rise
in year-on-year house price inflation to record +2.7%. While still nothing to
be over-excited about yet, the trend points towards a significantly better 2010
for those of us involved in the residential property market, and 8% average
house price inflation is projected for the year as a whole. The FNB Namibian House Price Index shows the same
improving trend as the South African one, but suggests that that
country’s residential market may be further down the path of recovery,
having recorded double-digit increase by the 4th quarter of 2009.
See attached: December FNB House Price Index.pdf