Interest Rates Cut by 0.5% in Mar 2010
The decision by the South African Reserve Bank Governor, Gill Marcus, to cut interest rates by 0.5% was a surprise welcomed by most property experts. The prime interest rate will move from 10.5% to 10%.
The last time the prime interest rate was at 10% was in 1981, and some economists are predicting another small rate cut before the end of 2010.
Adrian Goslett, CEO of RE/MAX, believes the cut in interest rates is a good move for the local property market
Andrew Golding, CEO of Pam Golding Properties and President of the IEASA, also believes that the banks would be more willing to relax their lending cretria now that interest rates have dropped.
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