"Real estate market will get worse before it gets better"
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Bad debts, vacancies will rise, warns listed property company CEO of South Africa's commercial real estate sector.
In its annual report published today, chairman Anton Botha and chief executive Gerhard van Zyl say that although there are some indications that the worst of the downturn had already been seen, the property cycle lags the general economic cycle by between 12 and 18 months and the company was anticipating trading conditions to get worse before they get better. "Bad debts are expected to increase, vacancies will go up and there will be resistance to higher rentals. In addition, it is expected that there will be an increase in time taken to let space," they say.
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